Chairman Stays, New CEO at Fiat

Fiat SpA Chairman Paolo Fresco will remain at the helm of the beleaguered Italian industrial conglomerate until its annual shareholders meeting in April, when he will be forced to step down due to Fiat's mandatory retirement age of 75.

Fiat CEO Gabriele Galateri resigned his post Dec. 10. Fiat has appointed Alessandro Barberis to replace Galateri as CEO. Barberis currently is Fiat's general director and helped develop Fiat Auto's recovery plan with Fresco.