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| Gabriele Galateri di Genola upon taking over the position of CEO earlier this year. |
Under the new plan responsibility for the Alfa Romeo brand will be transferred from Fiat Auto to a newly formed sport/luxury group that will include Ferrari and Maserati. This paves its way to enter the North American market in late 2005, as was expected.
According to Italian newspapers La Repubblica and Corriere della Sera, Volkswagen AG will take a significant, but minority, stake in the new Alfa-Ferrari-Maserati business unit - 49% was the quoted share. This works well with Audi's interest in striking a cost-reducing cooperative arrangement for a future crossover luxury car/SUV product with Maserati.
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| Automotive enthusiasts are concerned about what will happen to the legendary Lancia brand in the shuffle. It has been a losing proposition for some time now, and now needing a resurgence of product investment might be in a precarious position. |
Back to Fiat, rumor has it Gianluigi Gabetti, 79, will replace Fresco as chairman. Turin native Gabetti is a longtime associate of the Agnelli family. More importantly he is currently Vice Chairman of IFI and a board member of IFIL, the Agnellis' two financial holding companies.
Word also has it that Galateri is thought to be replaced by Enrico Bondi, 69, CEO of the SAI insurance group. Bondi has a background in chemicals (Montedison and SNIA), communications (Telecom Italia) and vehicle components (Gilardini).
While change is afoot and stability may be taking shape, be sure that Fiat's operatic drama is far from over.