Fiat SpA has just announced that Luca Cordero di Montezemolo has announced his intention to resign as Chairman of Fiat. A press conference will be held this afternoon where Montezemolo will be joined by Vice Chairman of Fiat, John Elkann, and CEO Sergio Marchionne.
“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,” Fiat said in a statement.
Fiat said that Montezemolo will remain a member of the Fiat Board of Directors and Chairman of Ferrari.
Montezemolo, 62, became Fiat group Chairman in 2004. Elkann is expected to replace him as Chairman of Fiat.
– By: Omar Rana