Ferrari shares dropped about 10 percent on Wednesday after its new CEO said its financial targets to 2022 are “aspirational.”
Philip Morris International and a Ferrari board member, as CEO in July. This was his first time presenting earnings for the Italian company.
Camilleri was named CEO after Sergio Marchionne suffered complications following a surgery. Marchionne, who was also CEO of Fiat Chrysler, died on July 25.
Ferrari shares are now on pace for its worst day since February 2016. The company will announce its plan and initiatives to achieve its 2022 targets on Sept. 17 and 18.