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April 20, 2010

UPDATE: ITALY: Montezemolo to resign as Fiat chairman

UPDATE: Fiat has confirmed that chairman Luca di Montezemolo is to resign with current vice chairman John Elkman nominated for the top job tomorrow

Fiat has confirmed that chairman Luca di Montezemolo is to resign with current vice chairman John Elkman nominated for the top job tomorrow.

In a brief statement today (20 April) from Turin, the Italian automaker gave some details surrounding Montezemolo’s resignation.

Fiat vice chairman John Elkann and the CEO, Sergio Marchionne, will also be present at the conference.

Elkman will be nominated as chairman tomorrow.

 Montezemolo – whose decision to step down as chairman comes on the eve of the presentation of the Group’s 2010-2014 business plan – said his resignation follows completion of the assignment given to him by the core shareholder in May 2004. 

Montezemolo will remain a member of the Fiat board of directors and chairman of Ferrari.

Fiat , which acquired a 20% stake in Chrysler Group last year, is also scheduled to report first-quarter earnings tomorrow.

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