It is confirm, Luca Cordero di Montezemolo has announced he will step down as chairman of Fiat SpA after a last minute unscheduled press conference yesterday. Fiat spokesperson decline to comment on Luca di Montezemolo departure from the company and it was seen that Luca di Montezemolo left shortly before Fiat unveiled their 2010-2014 business plans.
It is speculated that Fiat's vice chairman, John Elkann, will replace him. This makes sense considering that Elkann is the chairman of Exor S.p.A, a family-owned holding company, which owns 30 percent of Fiat. Despite the resignation, Luca di Montezemolo will remain on Fiat’s board and also remains as chairman of Ferrari SpA.
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
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