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Fiat change at the top

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Fiat change at the top

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Fiat’s Chairman Luca Cordero Di Montezemolo has announced he is stepping down after six years to be replaced by Vice-Chairman John Elkann who heads the Agnelli investment holding company which owns 30 percent of Fiat.

Montezemolo will continue as chairman of Ferrari and denied that he was considering a career in politics.

His resignation came as Fiat, which is Italy’s biggest industrial group, was reported to be about to announce it would split off its carmaking business from the rest of the company, but Montezemolo said there was no link with that.

Fiat’s other holdings include farm equipment maker CNH Global, the Iveco truck unit and Turin newspaper La Stampa.