Philip Morris – Louis Camilleri Abruptly Retires From Ferrari, Philip Morris
Louis Camilleri abruptly retired from his roles as Chief Government Officer of Ferrari NV and chairman of Philip Morris Worldwide Inc. for private causes.
His sudden retirement Thursday left Ferrari with out a clear successor. Government Chairman John Elkann will act as interim CEO for now, the posh sports activities carmaker mentioned. Camilleri, 65, may even quit his board seat.
“As a longstanding member of the Ferrari board, Louis confirmed an loyal sense of accountability guaranteeing continuity for our group, while guiding Ferrari into the longer term with an formidable and far-sighted strategic plan,” Elkann mentioned in a letter to employees.
Representatives for Ferrari and Philip Morris mentioned Camilleri was recovering from Covid-19. A Ferrari spokesman mentioned Camilleri’s sickness was not the “main reason” for his retirement, however didn’t elaborate.
His exit triggered an orderly succession plan that’s been in place for a while, Philip Morris mentioned. The tobacco firm’s CEO Andre Calantzopoulos will turn out to be govt chairman proper earlier than the annual shareholders assembly in May, it mentioned.
Lucio Noto, the corporate’s unbiased presiding director, will function interim chair within the meantime. Chief Working Officer Jacek Olczak will succeed Calantzopoulos as CEO when he takes the chairman spot.
“I am stepping down with the firm belief that the company is in great hands to accomplish its smoke-free vision,” Camilleri mentioned within the Philip Morris assertion saying his instant retirement.
Ferrari’s U.S.-listed shares fell as a lot as 3.1% after the market’s shut on the information. Philip Morris shares had been largely unchanged.
Camilleri, who served in prime roles at Kraft Meals, took the reins of Philip Morris in 2002, when the Marlboro maker owned Kraft. He remained at Philip Morris Worldwide after its separation from Altria Group Inc., which focuses on the U.S.
He stepped down as CEO in 2013 whereas maintaining his board seat, serving to the corporate concentrate on bigger-picture points reminiscent of boosting China gross sales and creating new merchandise. The corporate now sells the IQOS digital cigarette in some international locations.
The tobacco large has lengthy been a sponsor of Ferrari’s Components One racing groups, however Camilleri had no direct automotive expertise, which made him a considerably controversial choose to run one of many world’s preeminent automobile manufacturers.
Camilleri was a Ferrari board member when he took over as CEO in July 2018 for Sergio Marchionne, who fell unwell following issues from surgical procedure and died inside days of being changed. Marchionne orchestrated Ferrario’s 2016 spin-off from Fiat Chrysler Cars NV, the place he additionally served as CEO.
In two-and-a-half years as CEO, Camilleri oversaw the transformation of Ferrari into a totally fledged luxurious model. Final yr, it joined forces with one other iconic Italian identify, Giorgio Armani SpA, to assist push the tremendousautomobile maker’s purse and clothes strains into the premium-price house.
Camilleri additionally revamped Ferrari’s lineup so it might maintain boosting costs. The corporate launched 5 new models in 2019, which helped enhance annual gross sales to greater than 10,000 items for the primary time.
Electrical Technique Questions
One looming query for his successor is how Ferrari will address extra stringent emissions rules within the European Union and different markets. Whereas the corporate has mentioned that 60% of its models can have a hybrid powertrain by 2022, Camilleri has expressed doubts the model would go absolutely electrical.
He not too long ago criticized European environmental rules that intention to chop transport emissions by penalizing the sale of autos with notably inefficient engines, saying they fail to consider how occasionally some are pushed.
“If you take a V-12 Ferrari that only runs 3,000 kilometers a year, probably it has less emissions than a very small car that runs every day,” he mentioned throughout an investor name final month.
Exor NV, the funding firm for the Agnelli household, controls Ferrari with 36% of its voting rights and a direct 23% stake. The supercarmaker was listed in New York in 2015. It has a market valuation of over $41 billion, effectively above the $26 billion valuation of its former mum or dad firm Fiat Chrysler.
Elkann, the scion of the Agnelli household, is ready to turn out to be chairman of Stellantis, the corporate which is able to begin its operations subsequent yr following the mixture of Fiat Chrysler with Peugeot.
Born in Egypt, Camilleri attended boarding faculty in England and the College of Lausanne in Switzerland.
— With help by Tiffany Kary
(Updates with remark from Ferrari performing CEO in third paragraph and provides particulars all through.)