January 16, 2019 / 2:23 PM / 10 months ago

Ferrari chairman reiterates support for CEO Camilleri

FILE PHOTO: New Ferrari's CEO Louis Carey Camilleri speaks with a technician after the Italian Formula One Grand Prix at the Monza racetrack, Italy September 2, 2018. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - John Elkann, chairman of Ferrari (RACE.MI) and main shareholder Exor (EXOR.MI), reiterated his support for Ferrari chief executive Louis Camilleri, denying speculation a top management purge could be on the cards.

“I deny all rumours about both a possible return to the past and changes in our structure,” Elkann, a scion of Italy’s Agnelli family, said in a letter published on Wednesday in Italy’s Gazzetta dello Sport.

“My commitment to ensuring stability and concentration at Ferrari is total as is that of CEO Louis Camilleri,” he said.

The sudden death in July last year of chairman and CEO Sergio Marchionne triggered a change at the top of the luxury sportscar maker with Camilleri taking over as chief executive and Elkann as chairman.

In September Camilleri described as “aspirational” targets set by Marchionne.

After the replacement this month of Maurizio Arrivabene by Mattia Binotto as Formula One principal, media speculation grew over a possible broader management shake-up.

“The appointment of Mattia Binotto... does not represent any overhaul,” Elkann said, adding the company had picked the new principal in common agreement with Arrivabene.

(The story was refiled to remove a superfluous word in the lead, no changes to text)

Reporting by Stephen Jewkes

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