Ferrari (NYSE: RACE) has a new man in the driver's seat. The company announced that its CEO, Louis Camilleri, has stepped down "for personal reasons," about which it did not elaborate. He is also vacating his seat on the luxury car maker's board of directors. The resignation was effective immediately, and Camilleri has been replaced as CEO on an interim basis with the company's executive chairman, John Elkann. The board will head the search for a permanent replacement. Ferrari did not mention anything about the newly vacant board seat. Image source: Getty Images. In the company's press release on his departure, published Thursday afternoon, Camilleri was quoted as saying, "I'm proud of the Company's numerous achievements since 2018 and know that Ferrari's best years are still to come." Camilleri's exit was unexpected; he had been hospitalized with COVID-19 but was recovering. Bloomberg cited an unnamed company spokesperson as saying the illness was not the reason for his departure. Camilleri was named CEO in 2018 following the death of his predecessor, Sergio Marchionne, and had served on the board from 2015. Outside of the company, he held a seat on the board of tobacco giant Philip Morris International. He has also resigned from this position. The abrupt shift in leadership comes at a trying time for Ferrari. The car industry as a whole is struggling with depressed sales due to the pandemic, and the company isn't as far along as numerous rivals in the development of electric vehicles (EVs), which have become increasingly popular. But investors don't seem worried about the transition. On Friday, in contrast to the decline of the S&P 500 index, Ferrari's shares closed nearly 0.5% higher on the day. 10 stocks we like better than FerrariWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ferrari wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends the following options: long December 2021 $130 calls on Ferrari. The Motley Fool has a disclosure policy.Source