The board of directors of Ferrari released the following statement following the news that Chairman Sergio Marchionne will not be returning to work due to poor health.
The Board of Directors of Ferrari NV (“Ferrari”) (NYSE/MTA: RACE) learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work.
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.
The Board has named John Elkann as Chairman and will propose to Shareholders, at a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO.
The Board has also given Louis C. Camilleri the necessary powers to ensure continuity of the company’s operation.