Paolo Monferino, chief executive officer of Fiat SpA’s Iveco truck division, will leave the carmaker to take a post with the regional government in Piedmont, a regional official said by phone today.
Monferino has been appointed head of health services for Piedmont, the region in which Turin-based Fiat is located, the region said on its website today. Monferino will sign his new contract on Oct. 18, said the official, who declined to be named citing agency policy.
Monferino, who began his career with Fiat in 1973 as a design engineer, became head of Iveco in February 2005. He had previously served for five years as chief executive of Fiat’s CNH Global NV tractor-making unit.
Fiat is spinning off industrial operations including Iveco and CNH Global to focus on cars. The company plans to list Fiat Industrial SpA shares on the Milan exchange on Jan. 3.
The news is “unlikely to be helpful just months away from the spin-off of Fiat industrial,” Credit Suisse analyst David Arnold wrote in a note to clients today.
Fiat CEO Sergio Marchionne said Sept. 16 that the Iveco and CNH chiefs would jointly run Fiat Industrial.
Alfredo Altavilla may be named CEO of Iveco, daily La Repubblica reported Sep. 22. A Fiat spokesman declined to comment.
