Ferrari CEO resigns 2 years after replacing Marchionne
ROME – Luxury sports car maker Ferrari says its chief executive, Louis Camilleri, has resigned for personal reasons. Chairman John Elkann will take over until a successor is named, Ferrari said in a statement late Thursday. Camilleri, who took over as CEO in 2018 following the death of longtime CEO Sergio Marchionne, is also stepping down as chairman of Philip Morris International, one of Ferrari’s main sponsors. When he took over as CEO, Camilleri unveiled a business plan that included reviving iconic models embedded with Formula One technology and expanding Ferrari’s electric-gasoline hybrid powertrain offerings. Net profits were 171 million euros ($200 million) in the quarter, compared with 169 million in the same period last year.
Pressure is mounting on Ferrari after one race of F1 season
(Joe Klamar/Pool via AP)SPIELBERG Ferrari is under pressure after just one race of the Formula One season and scrambling to push through aerodynamic improvements in time for Sunday's Styrian Grand Prix. Leclerc's second-place finish in that race was more about his composure amid crashes than the car's speed. It means that Ferrari team principal Mattia Binotto is facing increasing pressure, given that the team was already way behind Mercedes in the drivers' and constructors' titles in 2019. This is certainly not the grid position that a team like Ferrari should have and we have to respond immediately," Camilleri said. Albon was frustrated after Sunday's race, which proved doubly disheartening for Red Bull as Max Verstappen retired early when in second place.