JUNE 11, 2002
PAOLO CANTARELLA, the boss of Ferrari parent Fiat and the man who was in charge of the Grand Prix World Championship BV bid to start a rival series to Formula 1 has resigned with immediate effect. Cantarella has been in charge of Fiat since 1996 but falling sales and rising debts have left the company in difficulty and Cantarella has decided to hand over his role to Fiat chairman Paolo Fresco, a former General Electric executive.
Cantarella has been with Fiat since 1977 when he began his career in the company with the automotive components business. In 1983 he became chief executive of the Fiat systems division, Comau, and in 1989 joined Fiat Auto as head of purchasing. He became chief operating officer in 1990 and by the end of the year was chief executive. In 1996 he became head of the whole Fiat Group, his current position.
It remains to be seen what Cantarella's departure will do for Fiat but there is no doubt that it is a big setback for the GPWC, which will now have to find a new chief executive.
|Print News Story|
BAT AND GALLAHER
CLAIMS AGAINST BAYERISCHE LANDESBANK IN EM.TV CASE
COLUMBIA BIDDING FOR KIRCH TV ASSETS
FRENCH ELECTION GIVES HOPE FOR FRENCH RACERS
JOHANSSON WITHDRAWS FROM LE MANS
NO REACTION FROM LE MANS
RED BULL AND ARROWS
TESTING KICKS OFF IN JEREZ