The tobacco company Philip Morris International (PMI) has said its board chairman Louis Camilleri will assume the role of CEO of Ferrari S.p.A. It says the ‘long-term relationship between our two companies is deep and meaningful and we look forward to continued business collaboration’. Mr Camilleri will continue to serve as non-executive chairman of the PMI board.

The move follows Sergio Marchionne’s recent ill health. Marchionne had been expected to remain as CEO of Ferrari after retiring as CEO of FCA in 2019. His serious illness has brought succession issues forward.

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Marchionne oversaw the spin-off of Ferrari from FCA in 2015. The stock has almost trebled since the IPO and many saw Marchionne’s influence as key in presenting Ferrari as a high-end luxury brand in its own right rather than simply a premium racing brand and sportscar manufacturer.

The Ferrari board has also named John Elkann as chairman. A statement from the board said: “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.”

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