“Louis’ leadership and passion have guided Ferrari to delivering impressive results,“– John Elkann
Thursday, Ferrari (NYSE:RACE) announced that Mr. Louis Camilleri, CEO/Director is retiring for personal reasons immediately .
Ferrari’s CEO Louis Camilleri has retired citing personal reasons after being in the role for nearly 2.5 yrs, his decision to step down came after the executive suffered health problems, which made it necessary to hospitalize him for COVID-19 in recently.
Mr. Camilleri is recovering at home but his illness was not the cause of his decision to retire, but there are no further details.
Mr. Camilleri also retired as Executive Chairman of Philip Morris International (PMI.SW), the Marlboro maker said separately.
During Mr. Camilleri’s tenure, Ferrari was 1 of the best performing stocks in the automotive sector, as demand for the company’s high performance cars remained strong despite the coronavirus chaos.
Under his leadership, Ferrari shares marked record levels, with those listed on Milan bourse touching an all-time high of EUR 182.95 ($222.05) last month.
Mr. Camilleri was also leading a careful effort to expand the Ferrari vehicle lineup and the use of its brand, without undermining the exclusivity that supported its premium pricing and profit.
Ferrari’s John Elkann told the Maranello Outfits employees the company respected Camilleri’s decision to retire, adding that Mr. Camilleri will be available for advice to Ferrari.
John Elkann, Executive Chairman will act as interim Chief Executive Officer while the company manages the process of identifying Mr. Camilleri’s successor.
Commenting on Mr. Camilleri’s retirement, John 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.”
Louis Camilleri said: “Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege. 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.”
Ferrari is The Aristocrat of the automotive sector.
Our overall technical outlook is Very Bullish, a Key indicators are Bullish long-term. Ferrari reported strong earnings for Q-3 on 3 November.
Ferrari trading Friday at 212.85 after hours Thursday in NY. It’s all time high was marked at 215.48 marked intraday Wednesday, 18 November.
All technical indicators are Bullish to Very Bullish there is Strong support at 199.43, there is Key overhead resistance at 213.12.
The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, Morgan Stanley and Bank of America. UBS is now calling the stock at 365.
Ferrari will continue to create value in the long term as it becomes the world’s 1st Super Luxury brand.
Ferrari is a quality 1st long term luxury products investment, BAML raised it call to 270 long term.
I have raised my long term target to 375, a Strong Bull call, the strongest on the Street.
Ferrari has an average rating of Buy and a consensus target price at 211.95.
The Maranello Outfit’s shares were raised to Buy from Hold at HSBC.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I am calling it 375 long term , the Top on the Street, and adjusting it to 230/share short term.
A number of large investors have recently bought shares of RACE, and there is no insider selling.
The stock is now considered defensive in the sector.
Have a healthy weekend, Keep the Faith!