Montezemolo announced as chairman of Fiat, CEO resigns
Following the death of Fiat chairman, Umberto Agnelli on Thursday night, Ferrari President Luca di Montezemolo was named as the new chairman of the Italian company with John Elkann, grandson to Gianni Agenlli who died last January, announced as vice chairman.
However, within minutes of the company’s announcement on Sunday, Chief Executive officer Giuseppe Morchio announced his decision to stand down from the role he was entrusted with only last year, throwing the company into further turmoil.
“Fiat SpA takes note of the decision shown today by Giuseppe Morchio to resign from his role as chief executive,"the company said in a statement.
Morchio was responsible for fighting the company’s financial crisis, his departure sure to leave a definite void and upset investors who had placed faith in his ability to turn the financial crisis around.
The company will hold a board meeting tomorrow to address the situation.
;)
