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Fiat: chairman stepping down
TURIN Published in Saudi Press Agency on 20 - 04 - 2010

Automaker Fiat, which controls Chrysler LLC, announced Tuesday its chairman is stepping down, with Italian media reporting Agnelli family heir and Fiat vice chairman John Elkann will take the helm, AP reported.
A brief Fiat SpA statement said Luca Cordero di Montezemolo will announce his resignation as chairman at a news conference at Turin headquarters later in the day.
Among media reporting that Elkann will take over is the Web site of La Stampa, the Turin daily which is part of the Agnelli dynasty. Fiat shares jumped 3.7 percent to ¤9.89 in Milan trading on the report.
The family owns the controlling stake in Fiat, and Elkann's grandfather, Gianni Agnelli, ran the company for decades.
-- SPA

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