FerrariThe sudden resignation of CEO Louis Camilleri caused the Italian supercar manufacturer to face a leadership crisis for the second time in just over two years, and the company's plans to transition to electric vehicles were thwarted as a result.

Chairman John Elkann will temporarily take over as CEO. Just 30 months ago, he chose Camilleri to replace Sergio Marchionne, who passed away in July 2018 due to complications from surgery, and now he has to look again for a new candidate.

Camilleri, 65, was hospitalized for a short time due to COVID-19 infection earlier. A company spokesperson said that he is currently recovering at home and that the virus infection was not the main reason for his resignation, but the spokesperson did not provide further details. Camilleri will also step down as chairman of Philip Morris International Inc.