Shares in sportscar Ferrari tanked Wednesday after the new CEO told analysts that an annual revenue target set by the late former chief executive, Sergio Marchionne, was "aspirational." Louis Camilleri, who is also chairman at long-time Ferrari sponsor Philip Morris International, had a difficult inaugural analyst call. Ferrari confirmed its 2018 outlook for shipments of more than 9,000 units with operating profit above 1.1 billion euros on more than 3.4 billion euros in revenues. Camilleri, 63, has been on the Ferrari board since 2015 and is chairman at Philip Morris International. He was Philip Morris chairman and CEO from 2008 to 2013.

Source: ABC News August 01, 2018 10:47 UTC