Automotive News Europe published this article on 15 Nov, 2002, written by Luca Ciferri:

Ferrari boss Luca di Montezemolo is expected to replace Paolo Fresco as chairman of Fiat Group as early as next month.

Montezemolo is currently in discussions with members of the Fiat’s controlling Agnelli family about the job, according to several sources familiar with the situation. Fiat and Ferrari spokesmen refused to comment.

The only obstacle still to be cleared is how Montezemolo would share power with Gabriele Galateri di Genola, who replaced Paolo Cantarella in June as Group CEO.

Montezemolo, 54, has lead Ferrari since 1991 and has been successful both in the sports car business and in Formula One racing.

Montezemolo, a graduate in law from the University of Rome, has spent most of his career with the Fiat Group. He started at Ferrari in 1973 as an assistant to Enzo Ferrari and team manager of the F1 racing team. He later headed public affairs for the Fiat Group and then ran Fiat’s publishing arm, ITEDI. He returned to Ferrari as CEO in 1991 after organizing Italy’s first America’s Cup challenge and the 1990 World Cup.

A long time protege of Fiat honorary chairman Gianni Agnelli, Montezemolo is well acquainted with the group structure and people. He is also highly regarded by Italy’s Prime Minister Silvio Berlusconi, who offered him the post of foreign minister in May 2001.

The removal of Fresco, the former General Electric vice-chairman who replaced Cesare Romiti in June 1998, would complete an overhaul of Fiat Group top management within the past year. The changes started with the December 2001 ousting of Fiat Auto Managing Director Roberto Testore. Group CEO Paolo Cantarella left in June and CFO Daniel Clermont was removed from his job in October.

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