Di Montezemolo takes Fiat chair
The Fiat group of companies has named as its new chairman Luca di Montezemolo, the president of its Ferrari Maserati subsidiary who is credited with the revival of Scuderia Ferrari in F1. The 56-year-old executive replaces Umberto Agnelli, who died last week. John Elkann, the 28-year-old grandson and heir of Gianni Agnelli, has been appointed as the group's vice-chairman. The moves prompted the immediate resignation of CEO Giuseppe Morchio [May 28]
The new chairman said: "The sudden passing of Umberto Agnelli means that I face an unexpected task, but one that I felt I had to accept. It is an act of friendship towards Gianni and Umberto Agnelli and the family. It is also for all those who work at Fiat, the banks, the city of Torino and the Italian economic and business world.
"The family has shown that it still has faith in the company and has exercised its role as shareholder. It has wasted no time in selecting the new chairman and I am very sorry to learn that the managing director has decided to leave the company."
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