The chief executive of Fiat has said he will resign if the industrial conglomerate fails to hit its targets for 2007, Reuters reported.

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“I have set the targets for 2007 and if I don’t hit them I will have no right to be CEO any more and I should go,” Sergio Marchionne told a finance conference that was reported by Reuters.


Marchionne took over as CEO earlier this year, the fifth chief executive of the loss-making group in two years.


Fiat’s auto industry division, Fiat Auto, is at the centre of a restructuring plan designed to reduce costs and increase productivity.


It is aiming for a 30.5 percent share of the Italian new car market in 2007, up from 28.5 percent in August this year, and has a target for net profit of between 1.4 billion and 1.8 billion euros in 2007.

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