Fiat chief executive Sergio Marchionne on Thursday said he would step down as the leader of the company’s automaking unit next year and said his successor would come from within the company.

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Marchionne has engineered Fiat’s turnaround since taking over the failing industrial group on 1 June, 2004, and assuming the helm of the core auto division on 17 February, 2005, The Associated Press reported.


“I think there is sufficient talent on this podium and in this organisation. I wouldn’t hire on the outside,” Marchionne reportedly told analysts.

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