Luca Cordero di Montezemolo has announced he will step down as chairman of Fiat. Full details inside.

Luca Cordero di Montezemolo has announced he will step down as chairman of Fiat.

While the company declined to explain his departure, 62-year old di Montezemolo left shortly before Fiat unveiled their 2010-2014 business plan.

It is speculated that Fiat's vice chairman, John Elkann, will replace him. This makes sense considering that Elkann is the chairman of Exor S.p.A, a family-owned holding company, which owns 30 percent of Fiat.

Despite his resignation, di Montezemolo will stay on Fiat's board and remain chairman of Ferrari.

Look for more information to be released shortly.

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