Fiat S.p.A. announced that Alfredo Altavilla will take over as CEO of the company's Iveco truck unit from Paolo Monferino who is departing Fiat Group to become head of health services for Piedmont, the region where Turin-based Fiat is located. Altavilla currently heads Fiat S.p.A.'s powertrain division. In order to focus on cars, Fiat has decided to spin off industrial operations including Iveco and CNH Global.
Fiat intends to list Fiat Industrial S.p.A. shares on the Milan exchange on Jan. 3. Credit Suisse analyst David Arnold wrote to clients that Monferino’s departure is “unlikely to be helpful” because the spin-off of Fiat industrial is only months away.
It was in 2006 that Altavilla started leading Fiat's powertrain unit. Furthermore, he is also the company’s head of business development. He joined the Chrysler board last July after Fiat acquired a 20% stake in Chrysler. In 1990, he joined Fiat as part of its international operations team.
He has extensive experience in heading Fiat Auto's operations in China, India and Turkey. He has also served as the head of Fiat’s side of the Italian automaker's former alliance with General Motors Co. Meanwhile, Monferino joined Fiat in 1973 as a design engineer and was head of Iveco in 2005.
For five years, he was the chief executive of Fiat's CNH Global NV tractor-making unit. In a statement, Fiat CEO Sergio Marchionne expressed disappointment that Monferino is leaving the Fiat Group; however, he also thanked him for an “outstanding" service to Fiat. Marchionne added that he believes that the public health system will profit from his experience. [via autonews - sub. required]