Turmoil at Fiat
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Manufacturing News, Source : TheManufacturer.com
Published : 31 May 2004 11:20
Shares in Fiat were on the slide today after the accident prone Italian car maker lost the man credited as the architect of its revival plans.
CEO Giuseppe Morchio walked away from the company in protest at Ferrari boss Luca di Montezemolo being named chairman to replace Umberto Agnelli, who died last week.
Shareholders fear that the boardroom turmoil could upset Fiat's turnaround plans put in place by Morchio and Agnelli.
Fiat plans to appoint its fourth new CEO in two years on Tuesday. Morchio and Agnelli took charge in February last year.
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