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Fiat Group chief resigns

Guiseppe Morchio, the Fiat Group chief executive, has resigned.

His resignation was made at the weekend after Luca Cordero di Montezemolo, the chief executive of Ferrari, was named as the new chairman of Fiat, following the death last week of Umberto Agnelli.

Sergio Marchionne, a Fiat director, is being tipped as the replacement for Morchio.

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