Reports have just hit the world wide web about Fiat having to call a last-minute unscheduled press conference where it is understood that Fiat Group Chairman Luca Cordero di Montezemolo will announce his departure from the company that he has been involved in since the early 70s.
No official reason has been given for Montezemolo’s departure but according to our sources, the Italian is considering a move into politics, possibly to form a new Italian centrist party. The man most likely to replace Luca could be current group vice-chairman John Elkann.
Luca di Montezemolo has been involved in the Fiat group from as far back as the early 70s and also served as Enzo’ Ferrari’s assistant after which he was promoted to be Ferrari’s manager before he was called upon to head all of Fiat’s racing activities. He at one point left the group only to return to head Ferrari and has been instrumental in the immense success the Ferrari Formula One team has enjoyed over the past two decades or so.
It is also said that Montezemolo will remain on Fiat’s board of directors and will continue serving as Ferrari Chairman. It is believed that Fiat CEO Sergio Marchionne will hold a presentation tomorrow to discuss Fiat’s strategy to carry on going forward and also a possible spin-off of the car business from the rest of the group.
Sources: Just-Auto, Financial Times via Autoblog
