- Push-out Score determined
- After less than two and a half years in the position
- Praise, thanks, words of regret and good wishes for Camilleri
- John Elkann taking over in the interim
- Search for a successor
- Camilleri said 63 words
(exechange) — Maranello, Italy, December 10, 2020 — Louis Camilleri, chief executive of Ferrari, leaves. As announced by Ferrari NV in a news release on Thursday, December 10, 2020, Louis Camilleri leaves his post as chief executive officer of the Italian luxury sports car manufacturer after less than two and a half years in the role, effective immediately.
Ferrari will undertake a search for a successor.
Louis Camilleri’s duties as CEO will be taken over in the interim by John Elkann, most recently Executive Chairman of Ferrari NV, as interim Chief Executive Officer.
John Elkann is about 21 years younger than Louis Camilleri.
“Personal reasons”
Ferrari said: “Louis Camilleri communicated today to the Company his decision, for personal reasons, to retire with immediate effect from his role as the Company’s Chief Executive Officer and as member of the Board of Directors.”
Precise information regarding Louis Camilleri’s future plans was not immediately available.
Share price increase since July 2018
The announcement follows an increase in Ferrari NV’s share price of 59% since July 2018. July 2018 is the month in which Camilleri’s tenure as CEO began.
In the position of CEO since 2018
Louis Camilleri became CEO of the Company in 2018.
From March 2008 to May 2013, he served as Chairman and Chief Executive Officer of PMI.
From April 2002 and August 2002 until March 2008, he was Chief Executive Officer and Chairman of Altria Group, Inc. (formerly Philip Morris Companies, Inc.), respectively.
From November 1996 to April 2002, he served as Senior Vice President and Chief Financial Officer of Altria Group, Inc.
He had been employed continuously by Altria Group, Inc. and its subsidiaries (including PMI) in various capacities since 1978.
Camilleri served on the Board of Directors of América Móvil, S.A.B. de C.V. from April 2011 to March 2019, and previously served on the Board of Telmex International SAB from December 2009.
Camilleri was President and CEO of Kraft Foods International in 1995 and was a Director of Kraft Foods Inc. (“Kraft”) from March 2001 to December 2007 and was Kraft’s Chairman from September 2002 to March 2007.
Camilleri received a degree in Economics and Business Administration from HEC Lausanne, the Faculty of Business & Economics of the University of Lausanne (Switzerland).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Ferrari and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2020 ($).