31.05.2004 "The sudden passing of Umberto Agnelli means that I face an unexpected task, but one that I felt I had to accept" new Fiat Chairman Luca di Montezemolo

New Fiat Group President Luca di Montezemolo issued the following statement today:

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, Umberto Agnelli and his 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 they still have faith in the company and has exercised its role as shareholder. It has wasted no time in selecting the new President and I am very sorry to learn that the Managing Director has decided to leave the company.

I have called a board meeting for tomorrow afternoon as I would like a new Operations Head to be appointed immediately. I will try to keep the Fiat team united and with dedication and work hard for we will execute the relaunch plan. John Elkann has been part of the Group now for a few years, as have many other younger people; these are the future of the company.

I am sure that, considering what Fiat represents for the Italian economy, I will be able to count on the support of the Italian system, from the government to the financial system and the unions. Together we will continue the sterling work of Umberto Agnelli. I hope that my colleagues, who have chosen me as their president, fully understand the significance of my choice and my unerring commitment.