Ferrari is facing its second leadership crisis in a little over two years after CEO Louis Camilleri abruptly resigned, complicating the Italian supercar maker's transition toward electric mobility.
Ferrari Chairman John Elkann will take the CEO role on an interim basis. He has to find a new leader just 30 months after he picked Camilleri to succeed Sergio Marchionne, who died in July 2018 from complications after a surgery.
In a statement, Ferrari said Camilleri, 65, has retired with immediate effect for personal reasons.
Camilleri's decision came after the executive suffered health problems, which made it necessary to hospitalize him for COVID-19 in recent weeks. He is now recovering at home. A Ferrari spokesman said Camilleri’s illness was not the "main reason" for his retirement, but didn’t elaborate.
Ferrari's board is identifying a permanent successor to Camilleri, it said in the statement on Thursday.
The process to choose and appoint a new CEO will not be rushed and will take the appropriate time required, a source close to the matter told Reuters on Friday.
"It will be a proper process, it will take the appropriate time," the source said.
Camilleri was a Ferrari board member when he took over as CEO in July 2018, succeeding Marchionne, who fell ill following complications from surgery and died within days of being replaced. Marchionne orchestrated Ferrari's 2016 spinoff from Fiat Chrysler Automobiles, where he also served as CEO.
During Camilleri's tenure, Ferrari was one of the best-performing stocks in the automotive sector, as demand for the company's high performance cars remained strong despite the coronavirus pandemic. Ferrari shares have hit record levels, with those listed on Milan stock exchange touching an all-time high of 182.95 euros ($222.05) last month.