A farewell that comes like a bolt from the blue. Louis Camilleri has left his position as CEO of Ferrari with immediate effect. At the basis of the decision there would be "personal reasons". The manager left the company's board of directors and also resigned as president of Philip Morris International.
Ferrari will be driven ad interim by John Elkann, who currently also holds the position of executive chairman. In the meantime, the board of directors will take care of finding the new managing director of the Maranello company. The company lets it be known that it will take all the necessary time to find the right person, a manager capable of managing the car manufacturer grappling with the crisis triggered by the Covid-19 pandemic, but also of relaunching the Formula One team after the disappointing season this year.
Camilleri declared that Ferrari has been part of his life “e serving her as CEO has been a great privilege. My admiration - he added - for the extraordinary men and women of Maranello, for the passion and dedication they put into everything they do is unlimited. I am proud of the company's many achievements since 2018 and know that Ferrari's best years are yet to come." The Maltese manager was recovering after contracting Covid-19 but - according to rumors - there would be no disease at the basis of his decision.
“It is with great regret that I learned, like all of us in the Ferrari family, of Louis Camilleri's decision to step down from his role as CEO for personal reasons. I know it wasn't an easy decision for him but, as always happens with such important choices, we must fully respect it”. These are the words written by John Elkann in a letter addressed to Ferrai employees, after the announcement of Camilleri's farewell. “I am extremely grateful for all that Louis has done for Ferrari and in particular for his contribution in recent years, in which he has taken the helm of our company in the very difficult moment following the untimely death of Sergio (Marchionne, ed) in July 2018,” continues Elkann, noting that “as a longtime member of the board of directors, Louis has shown an unwavering sense of responsibility ensuring continuity to our organization, guiding Ferrari into the future with an ambitious and forward-looking strategic plan. His commitment was total, as was his fidelity to the principles of our founder Enzo Ferrari ”.
At Piazza Affari the Ferrari title it dropped 0,6% to 175,15 euros per share against a 0,85% drop in the Ftse Mib. According to analysts, Camilleri's farewell will cause volatility on the stock market in the short term, but will not produce any risk for Ferrari's future. "Regardless, we believe that the appointment has no effect on the strategy which is already well defined" comments Equita Sim. Banca Akros instead believes that Camilleri's exit is not a "total surprise" and recommends "buying" the stock following the possible weakness deriving from the announcement: for the investment house Ferrari it will announce very positive results on the fourth quarter.
