Montezemolo resigns as Fiat chairman

Luca di Montezemolo has resigned as chairman of Fiat. Montezemolo, also president of Fiat subsidiary Ferrari, became the chairman of the Italian car manufacturer after the death of Umberto Agnelli in 2004.

After holding the position for the past six years, he has now decided to step down as he feels he has "completed the assignment given to him by the core shareholder in May 2004". Fiat's vice chairman John Elkann will take over as his successor.

Last month Montezemolo stepped down as the head of the Formula One Teams Association. He will continue to serve on the Fiat board of directors, and lead Ferrari's Formula One team.

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Stories: APRIL 21, 2010
MONTEZEMOLO RESIGNS AS FIAT CHAIRMAN