In a shock move, Ferrari CEO, Louis Camilleri has announced that he is leaving the company and retiring with immediate effect.
"Ferrari has been a part of my life and serving as its Chief Executive has been a great privilege," said Camilleri, who took on the role in July 2018 following the resignation of Sergio Marchionne who died just a few days later.
"My admiration for the extraordinary men and women of Maranello and for the passion and dedication they apply to everything they do, knows no bounds," he added.
"I'm proud of the company's numerous achievements since 2018 and know that Ferrari's best years are still to come."
His position as CEO will be filled on an interim basis by Executive Chairman, John Elkann who said: "I would like to express our most sincere thanks to Louis for his unstinting dedication as our Chief Executive Officer since 2018 and as member of our Board of Directors since 2015.
"His passion for Ferrari has been limitless and under his leadership the company has further affirmed its position as one of the world's greatest companies, capitalising on its truly unique heritage and unerring quest for excellence.
"We wish him and his family a long and happy retirement."
At the same time, Camilleri has relinquished his role as Chairman of Philip Morris International, with whom he has been affiliated since 1978.
The news comes at a time the Italian team is likely to finish sixth in the constructor standings, its worst finish since 1980 when it finished 10th.