Ferrari’s new CEO says talks about the future with Liberty Media are progressing. On July 21st, Egypt-born businessman Louis Camilleri was named Chief Executive Officer of Italian sportscar-maker Ferrari, after former CEO Sergio Marchionne was rendered comatose by complications following a surgical procedure in Switzerland. His new job represents a significant departure from his prior work experience, which includes stints at the helm of two tobacco companies: Altria, and Philip Morris International.
Yet despite his limited prior experience within the automotive industry, Camilleri’s career has paralleled that of the late Sergio Marchionne in a number of ways. While CEO of Altria Group in 2007, the 63-year-old executive spun off that company’s massive, 88% stake in Kraft Foods Inc., much as Marchionne did with the spin off of Ferrari from Fiat Chrysler Automobiles in 2015. The following year, he spun off Altria subsidiary Philip Morris International, and became CEO of the newly-independent company, which operates worldwide with the exclusion of the United States.
Sergio Marchionne is believed to have been locked in complex talks with Formula 1 owner Liberty Media, after threatening to quit the sport over the commercial arrangements beyond the 2020 F1 season: “There are ongoing talks with Liberty Media.” – Louis Camilleri confirmed, as recently reported by Italian daily newspaper dedicated to coverage of various sports ‘La Gazzetta dello Sport’ – “I think there has been progress on the technical side, but less on the budget cap and governance. I am not sure about new ideas, the goal is to divide the cake as it is. We do not talk about how to increase it. I am sure I can bring my contribution.” – Ferrari’s new CEO concluded, as reported by the Italian media.