• Apr 20, 2010


Fiat
has called a last-minute unscheduled press conference for 4 pm CET today, where it is understood that Fiat Group Chairman Luca Cordero di Montezemolo will announce that he is leaving the company. At this time, no official reason has been given for Montezemolo's departure, but it's being reported that he may be mulling a move into politics, possibly to form a new Italian centrist party. Going speculation also has it that Montezemolo will be replaced by current group vice-chairman John Elkann.

Montezemolo's involvement with Fiat goes back to the early-1970s when he was a manager at the Ferrari Formula One team. After leaving the team he eventually returned to take over the CEO role at Ferrari and led the company through a period of major growth and expansion. Montezemolo will apparently remain on Fiat's board of directors.

Fiat CEO Sergio Marchionne will also hold a presentation tomorrow to discuss Fiat's strategy going forward including its U.S. plans and a possible spin-off of the car business from the rest of the group.

[Sources: Just-Auto, Financial Times | Image: Thomas Lohnes/AFP/Getty]


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    • 1 Second Ago
  • 17 Comments
      • 4 Years Ago
      NOOOO.


      John Elkann has been able to destroy Juventus in 3 years, now he'll destroy Ferrari. Please let Agnelli take over - or Marchionne.
        • 4 Years Ago
        AFAIK, he will keep his role of Ferrari "president" (don't know the correct translation for this).
        • 4 Years Ago
        He is the son of Margherita Agnelli, the late Giovanni's only daughter.
        • 4 Years Ago
        What are u saying? John Elksnn IS Agnelli
      • 4 Years Ago
      Good, I hope the rest of Fiat leaves the US too.

      --RS
        • 4 Years Ago
        Fiat leave the US? And who is going to continue Chrysler's tradition of junky cars?
      • 4 Years Ago
      Ohh please god Marchionne...
      • 4 Years Ago
      Install Ralph Gilles..let him run Dodge and Ferrari.
      • 4 Years Ago
      that is not how you enter a car Mr. Montezemolo.
      • 4 Years Ago
      ItalianPetrolhead wrote : "What are u saying? John Elksnn IS Agnelli"


      Andrea Agnelli is Johns cousin (both greatgrandkids of Giovanni).

      John is making a mess of Juventus, and I'm not sure he would do better with FIAT. Doesnt seem to listen to his experienced advisers - where Andrea doesnt seem to have that ego problem.
      • 4 Years Ago
      The Chrysler deal comes to mind. They screwed Daimler pretty good., and have had to be bailed out twice.
        • 4 Years Ago
        yea.. Chrysler totally screwed daimler.. yup.. stupid troll...
        • 4 Years Ago
        We got a good one going here!
        • 4 Years Ago
        @ Visconti.

        The new Grand Cherokee is using a JEEP designed platform, not Mercedes, the Mercedes ML is using the Jeep platform.

        Daimler sucked the life out of Chrysler, not the other way around. For all I care Daimler can die for it. Chrysler was a hot company in the 90s before the germans ruined it.
        • 4 Years Ago
        Obviously it was a takeover by the Germans, not a marriage.
        • 4 Years Ago
        It''s the other way around! Daimler didn't do squat for Chrysler! :P
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