Italian automaker Fiat SpA Chairman Luca Cordero di Montezemolo confirmed Tuesday he will step down from his position as he has "completed the assignment given to him by the core shareholder in May 2004."
The company said that Montezemolo will reveal more details at a press conference to be held this afternoon. The Vice Chairman of Fiat, John Elkann, and the CEO, Sergio Marchionne, will also be present at the conference.