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Old 20th April 2010, 20:28   #1
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Unhappy Luca di Montezemolo reportedly stepping down from Fiat

Source - BREAKING: Luca di Montezemolo reportedly stepping down from Fiat — Autoblog

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.
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Old 20th April 2010, 21:53   #2
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Damn!! This is sad! If he fails in politics, his legacy will be tarnished forever.

He was the face of Ferrari and Fiat for so long!
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Old 20th April 2010, 23:37   #3
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Oh this is indeed a sad news. Being a powerful figure in Italy, politics should be a cup of cake.
I hope John Elkann will be able to keep up the legacy of the prancing horse
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Old 21st April 2010, 04:37   #4
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Default Luca di Montezemolo set to resign as Fiat chairman; will remain chairman of Ferrari

Just read this.. I thought he was stepping down totally from both Fiat & Ferrari , my bad

Quote:
The suits of every automaker tend to swap hands all of the time. It is something that we have grown accustomed to and come to expect especially in this economic downturn. This trend holds true in the case of Luca di Montezemolo, the boisterous and outspoken chairman of Fiat SpA and Ferrari. Turns out, the man has spoken and has finally decided to let go of one tag and concentrate solely on the other, confirming the reports of his resignation as chairman of Fiat.
According to Montezemolo, the resignation wasn’t all that surprising considering that he has "completed the assignment given to him by the core shareholder in May 2004."
A press conference is scheduled to take place today where Montezemolo is expected to share more light regarding his decision to step down as Fiat chairman. The company nevertheless announced that Montezemolo will continue on his other roles as Ferrari chairman and as a member of Fiat’s Board of Directors.
That’s as much as we know regarding this major news and we expect a lot of our questions to be answered during the press conference.
Source : Topspeed.com
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Old 21st April 2010, 08:49   #5
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Originally Posted by kraft.wagen View Post
Just read this.. I thought he was stepping down totally from both Fiat & Ferrari , my bad
Even I thought the same.
If he's continuing with Ferrari then nothing else matters and all is well
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