Ferrari CEO Louis Camilleri is retiring from the role, effective immediately.
Camilleri, 65, is stepping down for personal reasons, Ferrari said in a statement on Thursday.
Ferrari’s Executive Chairman, John Elkann, will act as interim CEO while the company identifies a successor, Ferrari said.
Camilleri will also give up his board seat.
Camilleri also is retiring from his role as executive chairman of tobacco giant Philip Morris International, the Marlboro maker said separately.
At Philip Morris, Camilleri’s retirement triggered a succession plan that has been in place for some time, the company said.
Philip Morris CEO Andre Calantzopoulos will become executive chairman. Lucio Noto, the company’s independent presiding director, will serve as interim chair in the meantime. Chief Operating Officer Jacek Olczak will succeed Calantzopoulos as CEO when he takes the chairman spot.
Bloomberg contributed to this report