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

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 as interim CEO until a successor for Camilleri is identified.

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

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During his 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 and 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, knows no bounds. I’m proud of the Company’s numerous achievements since 2018 and 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 and 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 for excellence.

“We wish him and his family a long and happy retirement.”