Fiat CEO says to keep job until 2010

MILAN (Reuters) -- Fiat Chief Executive Sergio Marchionne said he planned to keep his job until 2010 or longer, according to weekly newsmagazine Panorama.

"I will stay in my position until 2010, but if it is possible even longer," he was quoted as saying in an excerpt of an interview released ahead of Thursday's publication of the next issue of the magazine.

Marchionne, who was chosen as "Man of the Year" by the magazine for successfully restructuring the industrial group, reiterated his forecast of an trading profit of 5.0 billion euros ($6.6 billion) by 2010 under his latest industrial plan.

Marchionne also said the Agnelli family were likely to remain the controlling shareholders of the group.

"I am sure and hope that it is the case," he said.

Since Fiat Auto, the group's core division, has returned to profitability, analysts have renewed speculation that it could eventually be sold.

Having overseen the turnaround of the division, Marchionne said in November he would step down as head of Fiat Auto in 2007.

An erroneous report that he was also leaving as chief executive of the entire group briefly sent the stock tumbling.

0

Shares

ATTENTION COMMENTERS: Over the last few months, Automotive News has monitored a significant increase in the number of personal attacks and abusive comments on our site. We encourage our readers to voice their opinions and argue their points. We expect disagreement. We do not expect our readers to turn on each other. We will be aggressively deleting all comments that personally attack another poster, or an article author, even if the comment is otherwise a well-argued observation. If we see repeated behavior, we will ban the commenter. Please help us maintain a civil level of discourse.

Newsletters