Barry Schwartz discusses Ferrari
Louis Camilleri abruptly retired from his roles as chairman of Philip Morris International Inc. and as Chief Executive Officer of Ferrari NV on Thursday for personal reasons.
At Philip Morris, his sudden retirement triggered an orderly succession plan that’s been in place for some time, the tobacco company said in a statement.
At Ferrari, the car company says it still needs to identify his successor. Executive Chairman John Elkann will act as interim CEO for now, Ferrari said. Camilleri will also give up his board seat.
Philip Morris CEO Andre Calantzopoulos will become executive chairman right before the annual shareholders meeting in May, the tobacco company said. Lucio Noto, the company’s independent presiding director, will serve as interim chair in the meantime. Chief Operating Officer Jacek Olczak will succeed Calantzopoulos as CEO when he takes the chairman spot.
“I am stepping down with the firm belief that the company is in great hands to accomplish its smoke-free vision,” Camilleri, 65, said in the Philip Morris statement announcing his immediate retirement.
Ferrari’s U.S.-listed shares fell 1.8 per cent after the market’s close on the news. Philip Morris shares were mostly unchanged.