Agnelli family member to become Fiat chairman

Fiat S.p.A. said that Agnelli family heir John Elkann will become chairman and that Italy's biggest carmaker will separate its car-making business from trucks and tractors.

Elkann, 34, is the grandson of former chairman Giovanni Agnelli and is vice chairman and head of the family's holding company. He will replace Luca di Montezemolo.

Elkann is a native New Yorker raised in the U.K., Brazil, France and Italy. His grandfather picked him to succeed him as the leader of the family's businesses.

Montezemolo will remain as Ferrari chairman.

Fiat owns 20 percent of Chrysler, and CEO Sergio Marchionne said the automaker is refreshing many models, starting with the Jeep Grand Cherokee. New Chrysler 300s and Dodge Chargers will use the first platform developed jointly with Fiat. Also, Fiat plans to sell the little Fiat 500 in the United States.

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