DEFINITION of 'Giuseppe Morchio'
An Italian executive who became CEO of Italian automaker Fiat in February 2003 and resigned in May 2004 because of his dissatisfaction with Ferrari CEO Luca di Montezemolo being appointed Fiat chairman, a post Moricho wanted for himself. Moricho came to the company at a time when it was extremely unprofitable, having faced a loss of 4.3 billion euros in 2002.
The company was also deeply in debt. Morchio began turning the company around, selling some of Fiat's assets, including Fidis and Toro Assicurazioni, as part of his strategy for returning the company to profitability and refocusing on autos. Prior to joining Fiat, Morchio worked at Pirelli for many years.
BREAKING DOWN 'Giuseppe Morchio'
Fiat, which stands for "Fabbrica Italiana Automobili Torino," or Italian Automobile Factory of Turin, was founded in 1899 in Italy. About half of the company's operations are located outside of Italy, and Fiat's cars are especially popular in Brazil.