Luca di Montezemolo steps down from Fiat

Posted on Tuesday, 20 April 2010 , 14:04:56 byAlina

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Luca di Montezemolo steps down from Fiat

Fiat chairman Luca Cordero di Montezemolo leaves the Italian automaker's top management position to go into politics and also because he disagrees with CEO's Sergio Marchionne future strategy for the Fiat group's business.

Montezemolo will apparently remain on Fiat's board of directors, as well as chairman of the Ferrari sports car subsidiary.

The man tipped to replace the Italian is John Elkann, currently Fiat's vice chairman, also chairman of Exor S.p.A., the Agnelli family holding company which controls 30 percent of Fiat, Italy’s largest automaker. Elkann is the grandson of Giovanni Agnelli, former Fiat chairman, who designated him as his successor at the time of his death, in 2003.

Montezemolo became Fiat group chairman in 2004. He has occupied a number of positions in the Fiat empire since joining Ferrari in 1973 as manager of the Formula 1 team.