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Marchionne To Chair Exec Body At Fiat Industrial

Already CEO of Fiat and Chrysler, Marchionne will chair new executive body at the truck and farm equipment group that was recently spun off.

TURIN, Italy (AP) -- Sergio Marchionne, already CEO of Fiat SpA and Chrysler, will chair a new executive body at Fiat Industrial, the truck and farm equipment group that was recently spun off from the Italian carmaker.

Fiat Industrial, which includes CNH agriculture and construction vehicles and Iveco trucks, began trading separately in Milan this week. The split allows Fiat, which has a 20 percent share in Chrysler Group LLC, to focus on its core auto business.

Fiat Industrial said Wednesday that the new governing body, called Industrial Executive Council, gathers the CEOs of each sector and other executives. It is the highest decision-making body outside of its directors' board of directors and will review performance, set targets and make key strategic decisions.

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