Fiat Industrial, formed on 1 January 2011 and comprising CNH, Iveco and FPT Industrial, has named Sergio Marchionne as chairman of its industrial executive council (IEC), it was announced today (5 January).

The IEC is the highest executive decision making body within Fiat Industrial outside of its board of directors and is composed of the CEO of each sector within Fiat Industrial and key functional leaders, a statement said.

It is responsible for reviewing the operating performance of the businesses, setting performance targets, making key strategic decisions and investments for the group and sharing best practices, including the development and deployment of key personnel.

Fiat Industrial is the truck and farm equipment group now separate from Fiat Auto, the carmaker which also owns 20% of Chrysler.