Luca di Montezemolo set to resign as Fiat chairman; will remain chairman of Ferrari
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.