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Ferrari falls 1% after CEO Camilleri’s sudden exit

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Shares in Ferrari fell more than 1% on Friday after the sudden departure of CEO Louis Camilleri, once again raising questions about leadership and future strategy at the luxury carmaker.

Camilleri, 65, retired citing personal reasons and Chairman John Elkann, the scion of Italy’s Agnelli family, will lead the company on an interim basis, Ferrari said late on Thursday.

Camilleri was appointed to lead Ferrari in July 2018 after the sudden death of former CEO Sergio Marchionne. During his tenure, Ferrari was one of the best performing stocks in the auto sector, as demand for its high performance cars remained strong despite the coronavirus pandemic.

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