Ferrari’s Board have named John Elkann as their new Chairman after announcing that Sergio Marchionne will be unable to return to work.

In a statement issued on Saturday evening, the Maranello-based company said: “The Board of Directors of Ferrari learned with deep sadness during its meeting today that Chairman and CEO Sergio Marchionne will be unable to return to work.

“The Board's thoughts are with Sergio Marchionne and his family and it is grateful for the extraordinary contribution he has made in recent years at the helm of Ferrari.”

Ferrari’s Board will propose to Shareholders, in a meeting to be called in the coming days, that Louis C. Camilleri be named as CEO.