Louis Camilleri, the CEO of Ferrari and chairman of Philip Morris, has announced he is retiring from both roles with immediate effec⛦t.

The companies said Camilleri was stepping down 💎from the roles and as a member of the board of directors for “personal reasons”.

Ferrari executive chairman John Elkann will act a📖s interim CEO until a successor f✃or Camilleri is identified.

Camilleri was appointed CEO of Ferrari in July 2018 following theও death of Sergio Marchionne.

During hi🥀s time at the helm of Ferrari, Camilleri oversaw the appointment of Mattia Binotto as team principal following Maurizio Arrivabene’s sacking, as well as the rise of star driver Charles Leclerc, who was promoted to the Italian outfit from Sauber at the end of his rookie season in 2018 to become the youngest Ferrari driver since the 1960s.

“Ferrari has been a part of my life a🔜nd serving as its Chief Executive has🍷 been a great privilege,” Camilleri said.

“My admiration for the extraordinary men and women of Maranello and for the passion and dedication they apply to everything they do, k✅nows no bounds. I’m proud of the Company’s numerous achievements since 2018 an𓄧d know that Ferrari’s best years are still to come.”

Commenting on Camilleri’s retirement, Elkann said: “I would like to express our most sincere thanks to Louis for his unstinting dedication as our Chief Executive Officer since 2018 and as member of our Board of Directors since🎀 2015.

“His passion for Ferrari has been limitless andꩵ under his leadership the Company has further affirmed its position as one of the world’s greatest companies, capitalising on its truly unique heritage and unerring quest fo๊r excellence.

“We🍷 wish him and his f🦂amily a long and happy retirement.”