Italy: Fiat's head of sales resigns in executive reshuffle

AKI (Turin) - The head sales for Italian automaker Fiat left the company amid a shakeup to accompany the acquisition of American Chrysler.

Andrea Formica leaves after less than a year on the job. His resignation takes effect on 1 September.

Fiat is bringing in a new executive team in an effort to recover market share lost to competition, and to recover from slumping sales caused by a sour economic environment.

The Turin-based company intends to use revamped Chrysler models to wrest back marketshare from European rivals.

Formica will be replaced by Fiat-brand chief by Olivier Francois in a reshuffle announced in July.