Ferrari CEO Louis Camilleri has stepped down after just two years in the top role.
In a statement Thursday, Ferrari said Camilleri stepped down for personal reasons and that current chairman John Elkann will fill the role until a replacement can be found.
Camilleri also stepped down from his chairman role at Philip Morris International, a company he’d been employed with for four decades. Philip Morris is the cigarette giant whose Marlboro brand sponsors the Ferrari Formula One team.
Multiple reports, including one from The Wall Street Journal, claimed the 65-year-old had been hospitalized after contracting the Covid-19 coronavirus but was now in recovery.
Camilleri was named CEO of Ferrari in 2018 following the death of his predecessor, Sergio Marchionne. Since then, he more than doubled Ferrari’s share price and boosted annual sales to over the 10,000-unit mark for the first time.
He largely oversaw plans already laid out by Marchionne, including the ongoing development of the company’s first SUV, but he also forged new plans including for the company’s first electric car.
“Ferrari has been a part of my life and serving as its chief executive has been a great privilege,” Camilleri said in a statement. “I’m proud of the company’s numerous achievements since 2018 and know that Ferrari’s best years are still to come.”