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Barberis is new Fiat chief exec

The Fiat board has today confirmed Allessandro Barberis as its new chief executive to replace Gabriele Galateri. The appointment of Mr Barberis came at the end of a tense meeting which formed a showdown between the Government/Mediobanco/Agnelli family axis which is determined to keep Fiat in Italian hands, and the creditor banks which are keen to go ahead with the agreed restructuring plan - which includes 8,000 lay-offs.

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