Andrea Formica has been named as the CEO of Fiat S.p.A.’s passenger-car brand. In a statement, Fiat said that Formica, 49, will head sales at its four-brand automotive division and will also be leading Chrysler’s European sales.
Formica, formerly the sales boss of Toyota Motor Europe, will take over from Lorenzo Sistino as Fiat brand CEO and as head of sales at the Alfa Romeo, Lancia, Fiat car and Fiat light commercial vehicle brands.
Since 2007, Sistino has been Fiat brand CEO and has handled sales at the four-brand auto division since January 2009. Sistino, 48, will remain with Fiat as CEO of Fiat Professional, the LCV brand that he been running since September 2008.
The veteran Fiat executive will also function as head of the company’s international operations. Sistino is tasked to supervise the expansion of Fiat in China, India, Russia and Turkey, where the sales target has been raised to 750,000 units by 2014, from selling only 35,000 units last year.
Fiat Group considers the growth in these four markets to be vital to its goal to nearly double total worldwide new-car sales to 3.8 million units by 2014.
The forecast for this year was for sales of 2 million units. Formica and Sistino, who report directly to Fiat Group CEO Sergio Marchionne, start with their new roles immediately.