Ferrari gets new CEO, Chairman

Former Philip Morris International chairman Louis Camilleri was installed as the new CEO of Ferrari in an emergency board meeting on Saturday night.

With an ailing Sergio Marchionne stepping down from the top spot of FCA to be replaced by Briton, Mike Manley, the decisions was made to bolster the Prancing Horse. While Camilleri took over the day to day reins; John Elkann, the business leader of the FCA’s Agnelli clan, has taken over as Chairman of the supercar maker.

Elkann is the controlling shareholder of Fiat Chrysler Automobiles, Ferrari and Case New Holland Industrial and his brother, Lapo Elkann, also sits on the Ferrari board.

Camilleri (63)was born in Egypt to Maltese parents. He was Kraft Food’s chairman from 2002-07 and the Philip Morris chairman from 2008-13.

Marchionne had planned to leave his role as FCA CEO next year and his dual roles as both CEO and Chairman of Ferrari in 2021.

It was Marchionne who forced out Luca Cordero di Montezemolo as Ferrari Chairman, pushed Ferrari volume targets up from 7000 cars to 10,000 cars a year, then spun it off into a separate listed company.