Fiat's old Chairman Luca di Montezemolo with his Ferrari 599 GTB Fiorano
After years of grooming, the current vice chairman, John Elkann is stepping up to take a high-profile role at Fiat SpA, the auto maker at the center of the Agnelli family’s sprawling industrial dynasty.
Mr. Elkann, the 34-year-old great-great-grandson of Giovanni Agnelli, who helped found Fiat in 1899, was appointed chairman of the auto maker when Fiat’s board met last Wednesday, Fiat Chief Executive Sergio Marchionne told a news conference in Turin Tuesday, the 20th of April. Mr. Elkann succeeded Luca Cordero di Montezemolo, who told the news conference he will remain on Fiat’s Board of Directors and keep his post as chairman of Fiat-owned Ferrari.
Montezemolo said that he has completed the task assigned him by the “core shareholder” in May 2004-but provided no other reason for stepping down.
Sergio Marchionne is expected to remain as Fiat’s CEO. Marchionne is also the post-acquisition CEO of Chrysler, leading him to work seven days a week most weeks, with frequent trips back and forth between Italy and the U.S. It’s not yet clear what, if any, impact the changeup at the top of Fiat’s structure will have on Chrysler or Fiat’s U.S. plans and operations.
Have you heard of John Elkann or Luca di Montezemolo before?
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Source: online.wsj.com and motorauthority.com
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