However, even if he leaves the position, Montezemolo will still remain on Fiat group’s board, as well as chairman of the Ferrari sports car subsidiary. The man tipped to replace the Italian is John Elkann, currently Fiat’s vice chairman.
He is also chairman of Exor S.p.A., the Agnelli family holding company which controls 30 percent of Fiat, Italy’s largest automaker. Elkann is the grandson of Giovanni Agnelli, former Fiat chairman, who designated him as his successor at the time of his death, in 2003. According to the Automotive News Europe, Fiat has called a press conference for this afternoon. A Fiat spokesman denied to comment on this.
The news of Montezemolo stepping down as chairman comes just one day ahead of Marchionne’s new five-year business plan for Fiat, scheduled for tomorrow. Important decisions are to be announced, such as a partial relocation of Alfa Romeo’s production facilities in the U.S., the fusion between the Lancia and Chrysler brands and the future of the Maserati brand, according to Italian magazine Quattroruote.
Fiat acquired a 20 percent stake in Chrysler Group in June, helping the third-largest U.S. carmaker emerge from bankruptcy. Montezemolo, 62, became Fiat group chairman in 2004. He has occupied a number of positions in the Fiat empire since joining Ferrari in 1973 as manager of the Formula 1 team.
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