14.08.2003 ITALIAN PRESS LINK FORD EUROPE EX-PRESIDENT MARTIN LEACH TO FIAT AUTO CEO POSITION
MARTIN LEACH LINKED TO FIAT AUTO TOP JOB
The Italian press has reported that Fiat are talking to Martin Leach, who left his job as CEO of Ford Europe earlier this week, about taking over as boss of the struggling auto division.
Fiat CEO Guiseppe Morchio is believed to have been pursuing Leach for some time and his resignation from Ford is expected to clear the way for him to take over from Giancarlo Boschetti.
Martin Leach, President and CEO of Ford Europe, quit on Tuesday, weeks after Ford europe posted a staggering $525 million second quarter pre-tax loss.
CAPITAL RIGHTS ISSUE CLOSES FULLY SUBSCRIBED
Meanwhile Fiat are pleased that after the offering of unexercised rights on the Stock Exchange was carried out last week, the capital increase approved by the Board of Directors on June 26, 2003 was concluded, without the participation of the Underwriting Group.
All of the 367,197,108 Fiat ordinary shares offered to stockholders in the form of a rights offering at a price of €5 per share were subscribed, for an overall amount of €1,836 million. Agnelli family controlled investor Ifil subscribed to 108,921,617 shares, which enabled it to maintain its stake of ownership of Fiat’s voting capital above 30%.
