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October 14, 2004

ITALY: Fiat CEO says he will go if ’07 targets missed

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

By bcusack

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

“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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