Fiat SpA Chief Executive Sergio Marchionne announced Thursday that he will give up his leadership of the company's auto unit in 2007 and 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 at a presentation of the group's business plan for 2007-2010. Marchionne has engineered Fiat's turnaround since taking over the failing industrial group on June 1, 2004, and assuming the helm of the core auto division on Feb. 17, 2005.
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