Fiat chairman takes wheel maps out road

Article Abstract:

Fiat SpA board named Paolo Fresco, 65, as the new chairman of the Italian auto maker during the recent annual shareholders' meeting. Fresco will assume the office in October 1998 and make Florence, Italy, his home base, after he finishes his present term as vice president at General Electric Co. of the US. Fresco, who spoke to shareholders during the meeting, said he intends to work closely with Fiat CEO Paolo Cantarella. He succeeds 75-year old Cesare Romiti who retired from the firm along with a retirement bonus of $59.9 million and options for 18.8% of Fiat's Gemini SpA stake.

Comment:

Board named Paolo Fresco, 65, as the new chairman of the Italian auto maker during the recent annual shareholders' meeting

Farm Machinery and Equipment Manufacturing, Executive changes & profiles, Farm Machinery, Agricultural equipment

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Fiat feels effects of Brazil's slowdown

Article Abstract:

Fiat SpA, an Italian automaker, is feeling the effects of an economic slowdown in Brazil, posting a pretax profit of two trillion lire ($1.2 billion) in the first six months of 1998. The figures show a 9% decline from a pretax profit of 2.26 trillion lire recorded in the first half of 1997. Fiat, which considers Brazil as its second market after Italy, predicts that it will sell fewer vehicles in the domestic market after the Italian government stopped giving auto incentives in July 1998. Another challenge facing Fiat is the greater competition provided by Asian automakers.

Comment:

Is feeling effects of economic slowdown in Brazil, posting a pretax profit of 2 tril lire in the 1st 6 months of 1998

Motor Vehicles & Parts, Transportation Equipment Manufacturing

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Italy reaps a dividend of $1.54 billion from IRI

Article Abstract:

Istituto per la Ricostruzione Industriale SpA (IRI) achieved its first-ever dividend of $1.54 billion on 1997 earnings after it was privatized by the Spanish government. The company is still implementing its plan to divest all its assets by June 2000. IRI obtained a net profit of 4.9 trillion lire on sales of 40.1 trillion lire in 1997, against net profit of 431 billion lire on sales of 38.5 trillion lire in 1996. Chairman Gian Maria Gros-Pietro said that the company, which had problems in the past, can now operate with more ease with the unified European market.

Comment:

Achieved first-ever dividend of $1.54 bil on 1997 earnings after it was privatized by the Spanish government

Diversified Companies, Istituto per la Ricostruzione Industriale

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