Philip Morris Says Its Chairman Louis Camilleri Will Assume CEO Role At Ferrari

(RTTNews) - Philip Morris International Inc. (PM) said that its non-executive board chairman Louis Camilleri will Assume role of chief executive officer of Ferrari S.p.A. However, Camilleri will continue to serve as non-executive chairman of the Philip Morris International board.

On Saturday, Ferrari NV said that Chairman and chief executive officer Sergio Marchionne will be unable to return to work. The Board has named John Elkann as Chairman and would propose to Shareholders, at a meeting to be called in the coming days, that Louis Camilleri be named as chief executive officer.

Ferrari noted that its board has also given Louis Camilleri the necessary powers to ensure continuity of the company's operation.