Ferrari (NYSE:RACE) Names Louis Camilleri Its New CEO
At the weekend Ferrari announced Louis Camilleri, the former Chairman/CEO of Philip Morris International and a current Ferrari board member, will be the company’s new CEO.
The news followed the announcement that current CEO/Chairman Sergio Marchionne was “unable to return to work” following health issues.
Some shareholders were rattled by the change, since Mr. Marchionne was the architect of the company’s success as a public company and its strategy of expanding production and models.
Some Ferrari investors, dealers and collectors are worried about whether a former consumer-goods chief truly has the car expertise and specialized knowledge about the most storied and vaunted name in the auto sector and racing to maintain its exclusivity.
“Ferrari is all about emotions, style, success and drama,” said Marcel Massini, a Ferrari historian and respected advisor to Ferrari collectors.
Mr. Camilleri may be just what Ferrari needs now.
Friends and colleagues of Mr. Camilleri say he is passionate about the Ferrari brand and its racing DNA. Mr. Camilleri once ran Marlboro, which is a sponsor of Ferrari’s F1 team. He has been attending races and meeting with Ferrari team members for years.
Mr. Camilleri has an impressive collection of Ferraris.
He is a car guy, He did not run a car company but he is a car guy. And he values the Ferrari brand and believes in it.
Mr. Camilleri will focus solely on Ferrari. Former colleagues say he has a talent for running large global organizations. That if he makes any changes, it will be in improving the governance, structure and processes behind a company that is still adapting to life as a publicly traded stock.
Mr. Camilleri has the global panache that customers and dealers expect from the face of Ferrari. Born to a Maltese family in Egypt, he went to boarding school in Britain and graduated from the University of Lausanne in Switzerland. He speaks fluent Italian, French and English.
Mr. Camilleri is an expert at companies in transition.
He helped guide Philip Morris away from traditional cigarettes and more toward e-Cigarettes. Similarly, Ferrari is moving into SUVs and hybrid engines to complement its roaring V-12 and V-8 engine tradition.
So, the man who has helped Philip Morris shift to e-Cigarettes may be the right man to help move Ferrari’s shift to e-Cars.
|NYSE:RACE||136.49||23 July 2018||-3.51||132.5||137||132.45||2,595,100|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Neutral (0.02)||Neutral (0.15)||Neutral (-0.16)||Neutral (0.06)|
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