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TURIN, Italy — Fiat chairman Luca Cordero di Montezemolo is resigning from his post at the Italian automaker that owns a 20-percent stake in Chrysler Group, he announced at a press conference Tuesday.

Taking his place is John Elkann, heir to the Agnelli family and the vice chairman of Fiat.

Montezemolo will stay on Fiat's board of directors and will continue to be chairman of Ferrari, officials noted.

"Tomorrow is an important day for Fiat and for me. I am very proud, I am happy for this, recognizing all of the many people who helped and supported me in these years. I am also grateful to my family for the trust that they have given me," Elkann was quoted in a report.

"Of course, I am thinking today of my grandfather, and how much I would have liked if he could have been here with us," he continued, referring to his grandfather and former Fiat chairman Gianni Agnelli. 

Fiat is also expected to roll out a five-year plan today that includes outlining its integration with Chrysler.

Reports have surfaced that the plan will include a spinoff of the Fiat's auto business out of its other business units. However, Fiat apparently has played this rather close to the chest, not giving any official verification.

According to one report, Fiat chief executive officer Sergio Marchionne has indicated that the release of the five-year plan today will explain where the automaker stands on such a spinoff.

So, it looks like the industry will have to wait and see.

Stay tuned to Auto Remarketing for updates.