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Who will be in charge of Ferrari?

Discussion in 'Ferrari Discussion (not model specific)' started by scott61, May 31, 2004.

  1. scott61

    scott61 F1 Rookie

    Feb 11, 2004
    2,562
    North of Boston
    Fiat CEO resigns after new chairman named
    Italian automaker faces new crisis
    By Reuters | May 31, 2004

    TURIN, Italy -- Italian automaker Fiat, still mourning the death of the last senior member of its founding Agnelli family, was plunged into turmoil yesterday when its chief executive suddenly quit moments after a new chairman was named.

    The Agnellis, who control Fiat with a 30 percent stake, moved quickly after Umberto Agnelli died of cancer on Thursday, handing the top job at Italy's biggest industrial group to the head of its sportscar unit Ferrari, Luca di Montezemolo.

    Chief executive Giuseppe Morchio, generally respected by investors for his plan to pull Fiat out of its worst crisis, said in a statement that he would leave the company immediately in protest at the board changes.

    Sources in Fiat's hometown of Turin said Morchio and Montezemolo were both forceful characters who may have clashed. Agnelli had given Morchio a free rein to whip the family company back into shape when he was hired in 2003.

    Fiat said its board would choose a new chief executive tomorrow, but the surprise resignation, the day after Umberto Agnelli was buried, means a new team will now take over delicate discussions with creditor banks and partner General Motors.

    Promoting Montezemolo, one of Italy's most prominent businessmen, to the chairman's seat from Ferrari was seen as a sign that the Agnellis are still committed to the carmaker their ancestor founded 105 years ago but which has slumped into crisis.

    Three younger Agnellis were named to the board. John Elkann, the 28-year-old heir of Fiat's flamboyant patriarch, Gianni Agnelli, who died last year, will be vice chairman. Umberto's son Andrea Agnelli and another cousin will take board seats.

    Morchio's four-year turnaround plan for Fiat was drawn up with Umberto Agnelli.

    Morchio had replaced about half of Fiat's top managers with hand-picked outsiders who worked in a close-knit team to breathe new life into Fiat.

    Alongside Agnelli, Morchio was a tough bargainer with GM, which owns 10 percent of Fiat Auto and is in a legal battle with Fiat about whether it can be forced to buy the rest. Morchio was also a key point man with banks.

    GM had no immediate comment about yesterday's upheaval at Fiat.
     
  2. bmiller411

    bmiller411 Formula Junior

    May 6, 2004
    405
    Houston, Texas
    Full Name:
    Bruce B Miller
    Jean Todt
     
  3. Tom S

    Tom S Formula Junior

    Jan 2, 2003
    295
    Northeast
    Full Name:
    Thomas Saupe
    Jean Todt becomes President of Ferrari and Ross Brawn takes over the racing arm. How do you think that will effect the F1 team, if at all?
     
  4. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,836
    Singapore
    Wow! Luca was a pretty good thing for Ferrari. I wonder who's going to fill his Scuderia Shoes? Implications for all of us.
     
  5. what about Piero Ferrari. ?
     
  6. bmiller411

    bmiller411 Formula Junior

    May 6, 2004
    405
    Houston, Texas
    Full Name:
    Bruce B Miller

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