Following Volkswagen and PSA Peugeot-Citroen announcing new CEOs, Fiat has announced that CEo Sergio Marchionne is stepping down as the head of the company’s auto unit in 2007. Marchionne will remain as head of the overall Fiat group, which includes Ferrari, Maserati, Alfa Romeo, Lancia and Iveco trucks.

Fiat hasn’t announced who’ll take over as CEO, but Marchionne said that his successor would come from within the company.

“I think there is sufficient talent on this podium and in this organization. I wouldn’t hire on the outside,” Marchionne told analysts.

Marchionne is credited with engineering Fiat’s turnaround since taking over the group on June, 2004, and assuming leadership of the core auto division on February, 2005.

## Source: Washington Post ##

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