ITALY New Fiat chairman commits to restructuring plan for crisis

Fiat shares have been falling amid leadership changes.
ROME (AP) -- The new chairman of Fiat SpA pledged his commitment Monday to a restructuring plan that is pulling the auto giant out of the worst financial crisis in its history.
A day after his appointment, chairman Luca Cordero di Montezemolo also refused to confirm reports that Fiat had selected a board member as its new CEO.
The Italian news agency ANSA and Dow Jones Newswires, without citing sources, reported that Sergio Marchionne had been chosen as chief executive of the Turin-based automaker after a management shakeup following the death of Fiat Group chairman Umberto Agnelli.
Fiat directors will meet Tuesday, and the company refused to discuss Marchionne.
Beside Marchionne, Italian news reports said observers also cited Paolo Monferino, who is CEO of Fiat's agricultural and construction equipment maker CNH Global NV, as a candidate.
Marchionne also serves as chief executive of Geneva-based SGS, a testing and inspection company.
Montezemolo's resolve to continue Agnelli's strategy came as Fiat shares were falling at the Milan stock exchange and amid speculation about who might replace CEO Giuseppe Morchio. Morchio quit abruptly Sunday evening hours after Montezemolo -- a close ally of the Agnelli family -- was appointed.
Following the death late Thursday of Agnelli, last of the company's old guard, two young Agnellis were appointed to prominent positions in the company.
Morchio resigned in protest of the board changes, which indicated that the Agnellis, Fiat's founding family, intended to maintain a tight grip over the company.