Luca di Montezemolo reportedly stepping down from Fiat

ir458 · 20th April 2010, 20:28

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.

Nikhilb2008 · 20th April 2010, 21:53

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!

kraft.wagen · 20th April 2010, 23:37

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

kraft.wagen · 21st April 2010, 04:37

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

ir458 · 21st April 2010, 08:49

Quote:

Originally Posted by kraft.wagen

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

20th April 2010, 20:28	#1
ir458 BHPian Join Date: Sep 2009 Location: Hyderabad Posts: 141 Thanked: 11 Times	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. Attached Thumbnails
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20th April 2010, 21:53	#2
Nikhilb2008 Distinguished - BHPian Join Date: Jul 2006 Location: Bangalore Posts: 5,196 Thanked: 10,138 Times	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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20th April 2010, 23:37	#3
kraft.wagen BHPian Join Date: Oct 2009 Location: Cbe <- >Ams Posts: 978 Thanked: 329 Times View My Garage	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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