Fiat Group chairman Paolo Fresco will nominate Umberto Agnelli as his replacement at a board meeting this Friday.
The handover comes little more than a month after the death of Giovanni Agnelli, the head of the family that effectively controls the industrial conglomerate. Giovanni Agnelli’s younger brother Umberto took over control of the family holding company after his death and is now moving towards increasing the family’s control over Fiat. Agnelli had been expected to take over as chairman of Fiat in May, but the succession has now been brought forward.
Paolo Fresco’s statement read:
With reference to recently reported rumours I want to clarify that at the next Board of Directors’ meeting to be held this Friday, I do intend to propose the cooption of Mr. Umberto Agnelli as well as his appointment as Chairman of Fiat S.p.A. I informed Mr. Agnelli of this intention of mine last week and he expressed his readiness to take over.
As I previously announced, I wanted to ensure a smooth succession and I reckoned that it was opportune to bring forward the handover, originally planned for the next Stockholders’ Meeting, so that Fiat may immediately have its reference stockholder as a guide for the future.
I am sure that this decision will send a clear and strong message both inside and outside the Group.