Fiat chairman Luca di Montezemolo will step down from his primary position at the Italian automaker today ahead of a company restructuring that will begin tomorrow. He will, however, retain a position on Fiat’s board of governors and will remain the Chairman of Ferrari. Fiat CEO Sergio Marchionne has announced he will draw out the automaker’s 5-year plan at that time.
It is believed Montezemolo is leaving the auto industry to pursue a career in politics. He first began with the company back in 1973 with the Ferrari Formula One racing team and will be succeeded by Fiat vice chairman John Elkann.
But Montezemolo’s departure is hardly the biggest shift in Marchionne’s 5-year plan, which is set to include a spinoff of the company’s automotive unit from its truck unit. According to a report by Automotive News, this spinoff will not only generate a cash infusion but would allow Fiat to focus on future alliances with other automakers. It has been rumored of late that Marchionne may be eying France’s PSA Peugeot Citroën as a possible partner or acquisition.