“Louis showed an unswerving sense of responsibility ensuring continuity for our organization, while guiding Ferrari into the future with an ambitious and far-sighted strategic plan,” Elkann said in a letter to workers.

Exor NV, the investment company for the Agnelli family, controls Ferrari with 36% of its voting rights and a direct 23% stake. The supercar maker was listed in New York in 2015.

Elkann, the scion of the Agnelli family, is set to become chairman of Stellantis, the company which will start its operations next year following the combination of Fiat Chrysler Automobiles NV with Peugeot-maker PSA Group.

One looming question for Camilleri’s successor is how Ferrari will cope with more stringent emissions regulations in the European Union and other markets. While the company has said that 60% of its models will have a hybrid powertrain by 2022, Camilleri has expressed doubts the brand would go fully electric.

Emissions Pressure
He recently criticized European environmental regulations that aim to cut transport emissions by penalizing the sale of vehicles with particularly inefficient engines, saying they fail to take into account how infrequently some are driven.

“If you take a V-12 Ferrari that only runs 3,000 kilometers a year, probably it has less emissions than a very small car that runs every day,” he said during an investor call last month.

At Philip Morris, his exit triggered an orderly succession plan that’s been in place for some time, the company said. The tobacco company’s CEO Andre Calantzopoulos will become executive chairman right before the annual shareholders meeting in May, it said.

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.

The tobacco giant has long been a sponsor of Ferrari’s Formula One racing teams, but Camilleri had no direct automotive experience, which made him a somewhat controversial pick to run one of the world’s pre-eminent car brands.

-With assistance from Tiffany Kary.