Ferrari CEO Camilleri steps down for personal reasons

Ferrari introduces its first hybrid; Abercrombie & Fitch bets smaller is better

Fox Business Briefs: Ferrari introduces its first hybrid, the SF90, which will have 986 horsepower and a top speed of 211 mph making it the most powerful street-legal vehicle the Italian supercar manufacturer has ever made; Abercrombie & Fitch says it’s closing some its large flagship stores and focusing on smaller shops.

Ferrari CEO Louis Camilleri has resigned from the automaker after suffering a reported bout with COVID-19.

Continue Reading Below

The automaker said that Camilleri was leaving the position for personal reasons.

 Dan Istitene – Formula 1/Formula 1 via Getty Images

A person familiar with the situation told the Associated Press that Camilleri had been infected with COVID-19 and hospitalized, but that his decision to leave the company was not health-related.

“Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege,” Camilleri said in a press release. “My admiration for the extraordinary men and women of Maranello and for the passion and dedication they apply to everything they do, knows no bounds.

Camilleri, 65, became CEO following the death of Sergio Marchionne in 2018. Ferrari was spun-off from Fiat Chrysler in a 2011 IPO and the stock price increased more than 60 percent under Camilleri’s leadership to bring it to a market capitalization of over $40 billion, which is higher than Fiat Chrysler’s is today.

ELECTRIC FERRARI NOT HAPPENING BEFORE 2025, CEO SAYS

Ferrari chairman John Elkann will act as interim CEO until Camilleri's successor is chosen.

Stocks in this Article

“It is with great regret that I, and all of us in the Ferrari family, have learned of Louis Camilleri’s decision to step down for personal reasons from his role as our Chief Executive,” Elkann said in a letter to employees, Reuters reported.

“Louis’ leadership and passion have guided Ferrari to delivering impressive results.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Camilleri is also stepping down from his post as chairman of Philip Morris International, a company with sponsorship ties to Ferrari.

The Associated Press contributed to this report

Source: Read Full Article