Montezemolo wanted to maintain Ferrari’s autonomous status and limit annual sales to about 7,000 cars a year to preserve the brand’s exclusive allure. That clashed with Marchionne’s goal of having Ferrari expand volume to 10,000 to cater for rising demand.
Marchionne spun off Ferrari into a separate trading company, a move that built enormous value for the Agnelli family and other shareholders.
Camilleri, 63, has been a Ferrari board member since 2015. He was born in Egypt into a family from Malta. He joined Philip Morris in Switzerland in 1978. From 2008 to 2013, he served as Philip Morris chairman and CEO. From 2001 to 2007, he was a director of Kraft Foods and Kraft’s chairman from 2002 to 2007.