Fiat chairman to head family's investment company

John Elkann, head of family-controlled Fiat, has taken over as chief executive of the family’s investment company Exor, adding to his current role of chairman.

In a statement, the Turin-based investment company said that besides Elkann’s appointment as chief executive, it had also appointed its first chief investment officer. Tobias Brown, former investment officer for late billionaire Sir James Goldsmith, is to take over Exor’s worldwide investment activities.

The company also announced the appointment of Alessandro Nasi to head Exor’s US activities, while Carlo Sant’Albano was made chairman of Cushman & Wakefield, the commercial real estate services firm majority-owned by Exor.

Current chief financial officer Enrico Vellano is to take on additional responsibility for the support functions that will serve all of Exor’s worldwide activities.

In a statement, Elkann (pictured) said: “Today’s appointments represent an important step in the evolution of our company.”

Exor, currently one of the largest investment firms in Europe with a net asset value of around €9 billion, has a 30% stake in Fiat and Fiat Industrial. Analysts reckon that the change in management at Exor is a move to increase the Agnelli family control of Fiat, of which Elkann is a member, as well as to lay the ground for international expansion.

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