- Nov 9, 2006
Sergio Marchionne steps down as Fiat CEO
It's shake-up season at the automotive giants. Both Volkswagen and PSA Peugeot-Citroen announced new CEOs just the other day. Ford recently got a new chief, too. Even Ferrari has changed up their management. Next in line is their sister company Fiat: Sergio Marchionne is stepping down as CEO in 2007.
The role Marchionne is vacating is not as head of the entire Fiat group, which controls the bulk of the Italian automotive industry (including Ferrari, Maserati, Alfa Romeo, Lancia and Iveco trucks), but the Fiat car division specifically. In that role, Marchionne has engineered the revitalization of the brand with the successful Grande Punto and the launch of several new models, including the Sedici, Bravo and Linea. Not bad, especially considering he only took over in February 2005.
Fiat hasn't announced who'll take over for Sergio, but the departing CEO says they'll most definitely be promoting from within rather than recruiting from outside the company. Given Marchionne's success, we wouldn't be surprised to see him take on a new role within the company.
[Source: Detroit News Auto Insider]