9 June 2004

The death of Fiat chairman Umberto Agnelli has sparked a major Fiat management reshuffle, with head of Ferrari-Maserati Luca di Montezemolo appointed as Fiat Group chairman.

Di Montezemolo master-minded Ferrari’s return to form on road and track. His appointment led to the resignation of Fiat chief executive Giuseppe Morchio, who had been lined up for the job. Morchio will be replaced by Sergio Marchionne, who becomes the company’s fifth CEO in two years. As well as ensuring Fiat continues its recovery, Di Montezemolo will be charged with grooming vice-president John Elkann, Gianni Agnelli’s grandson, as a replacement.

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