Fiat has announced in a statement just released in Turin
that Luca di Montezemolo will resign from his position
as Fiat Group Chairman during a special press conference
to be held later on this afternoon leaving the way clear
for Agnelli family member John Elkann to step up from
the Vice-Chairman's position he has held for the last
six years.
"Fiat
announces that, during a press conference to be held
this afternoon," read the statement, "Luca Cordero di
Montezemolo will announce his intention to resign as
Chairman of Fiat." This morning Italian daily newspaper
La Repubblica claimed that John Elkann would be
appointed Fiat Group Chairman and the statement just
issued announced that both the grandson of the late Fiat
Chairman Gianni Agnelli and Sergio Marchionne would be
present at the press conference today, saying: "The Vice
Chairman of Fiat, John Elkann, and the CEO, Sergio
Marchionne, will also be present at the conference."
"Luca Cordero
di Montezemolo explained that the reason for his
resignation, on the eve of the presentation of the
Group’s 2010-2014 Business Plan, was that he had
completed the assignment given to him by the core
shareholder in May 2004," the statement added,
concluding that: "Mr. Montezemolo will remain a member
of the Fiat Board of Directors and Chairman of Ferrari."
