Antonio Cesare Ferrara steps down as Fiat Serbia CEO on March 1 – report

By bne IntelliNews February 27, 2014

Antonio Cesare Ferrara will step down from the top management post at Fiat Automobili Srbije (FAS) and return to Italy where he will continue working on other Fiat projects, daily Danas reported, quoting unnamed sources.

According to the report, Ferrara will be replaced by Silvia Vernetti, who is currently a manager at Fiat’s headquarters in Torino.

Ferrara arrived in FAS in the second half of 2011 with two main tasks – to complete the construction of a new EUR 1bn factory and launch in it the production of the new 500L model. He was successful in both. The new plant started production in December 2011 and is considered one of the most up-to-date Fiat plants in the world.

The serial production of the 500L model, on the other hand, started in July 2012. The output gradually increased as most of it goes for sales to the US and Western Europe. The robust exports of Fiat 500L helped improve the overall economic environment in Serbia, improving the current account balance and supporting GDP growth of 2.5% last year.

Ferrara’s departure from FAS is considered a sign the Serbian unit has matured enough to continue operating successfully without the need of strong Italian supervision. FAS is a 67/33 joint venture of Fiat and the Serbian government.

Related Articles

KKR's United Group to invest €293mn in Serbia within next five years

United Group, a leading multi-play (Pay-TV, Broadband, Telephony, Mobile) operator in Southeast Europe, majority owned by US private equity firm Kohlberg Kravis Roberts (KKR), plans to invest ... more

Serbia’s central bank cuts key policy rate to 3%

The National Bank of Serbia (NBS) executive board decided to cut the key policy rate again on April 12 to 3%. The bank previously cut the rate to ... more

UN court sentences far-right Serbian politician Vojislav Seselj for war crimes and crimes against humanity

Serbian far-right leader Vojislav Seselj was sentenced on April 11 to 10 years in prison for war crimes and crimes against humanity committed during the civil war caused by the breakup of Yugoslavia ... more