As of a week ago, Sergio Marchionne led both auto makers
Former Marlboro man set to lead Ferrari as CEO
Sergio Marchionne underwent shoulder surgery in June. Complications from surgery left him in the ICU. This morning, he has passed away at age 66.
Born in 1952, Marchionne led both Fiat Chrysler as well as Ferrari. He was heavily involved in the heart of the auto maker, Scuderia Ferrari.
On Friday, Ferrari announced a new boss as it became evident that Marchionne would not be able to return to work in the near future. Louis Camilleri, the former chairman and CEO of Philip Morris International will head the company with the position of CEO.
Louis Camilleri was already a member of the Ferrari Board of Directors. He will not be involved in the Fiat Chrysler side.
Ferrari and Fiat Chrysler are both publicly traded companies on the New York Stock Exchange. The news broke over the weekend. When the market opened on Monday, the [NYSE:RACE] stock dropped 5%. Fiat Chrysler had a similar drop but their stock fully rebounded a day later.
July 20, 2018
On Friday, Ferrari issued the following statement announcing a new CEO for the company:
The Board of Directors of Ferrari NV (“Ferrari”) (NYSE/MTA: RACE) learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work.
The Board’s thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari.
The Board has named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO.
The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company’s operation.