Family values

2 June 2004

That may not be how it looks following the family’s defeat of a palace coup by the former chief executive. But even the new CEO will probably have considerably more authority visavis the family than his predecessors.

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Fiat has appointed Sergio Marchionne as its new chief executive, following Giuseppe Morchio's resignation on Sunday. Marchionne is Fiat's fifth chief executive in two years.

Marchionne, an ItalianCandian manager, previously ran SGS, the Swiss inspection company. The group's shares more than doubled over his rein, as he turned the company around. SGS is 24% owned by Worms et Cie, which is in turn part owned by the Agnelli family of Fiat. Marchionne was also an independent board member of Fiat.

Fiat has also recruited Luca Cordero di Montezemolo as its new chairman following the death of Umberto Agnelli. John Elkann, Gianni Agnelli's grandson, will become the group's vicechairman and Andrea Agnelli will join the board. Fiat's new team said on Tuesday that they would carry on with the current restructuring plan.

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