Louis Camilleri picked as CEO of Ferrari, Elkann as chairman

Luxury sports automaker Ferrari stated on Saturday it had selected board member Louis Camilleri as its new chief executive, replacing Sergio Marchionne who existed because of illness.

In an emergency meeting arranged following the worsening of health of Marchionne, the Ferrari board also named John Elkann as chairman and provided Camilleri powers to oversee the company’s operations.

Marchionne was both CEO and chairman of the company. He has also been replaced as Fiat Chrysler CEO.

A Ferrari shareholder meeting will be arranged in the future to approve his appointment.

Marchionne was due to step down as head of Fiat Chrysler in 2019, but planned to remain as Ferrari chairman and CEO until 2021.