More turmoil for Fiat – CEO Giuseppe Morchio resigned on Sunday evening.
Following the death of Umberto Agnelli last week, Ferrari boss Luca di Montezemolo has been appointed as Chairman, apparently upsetting Morchio who was reportedly already concerned about the direction the Agnellis (who own a controlling stake in the Italian car maker) were taking.
Di Montezemolo is a close friend of the Agnelli family, and is expected to announce Sergio Marchionne as Morchio’s replacement. Marchionne is currently CEO of SGS and has been a Fiat board member for a year.
John Elkann, 28, and grandson of former chairman Gianni Agnelli, was promoted to vice chairman last week, and Umberto’s son Andrea was also appointed to the board.