Luca Di Montezemolo has quit as Fiat chairman, a move announced shortly before Fiat revealed its 2010-2014 business strategy.

Both Fiat and Di Montezemolo have so far remained tight-lipped about the specific reasons for his departure, the company saying in a statement only that he has "completed the assignment given to him" when he was appointed as Fiat chairman in 2004.

Rumours from Italy suggest that 62-year-old Di Montezemolo could be going into politics, and that his departure has been precipitated by disagreements between himself and CEO Sergio Marchionne over the future direction of Fiat.

Di Montezemolo will remain as Ferrari chairman, while his place as chairman of Fiat is expected to be taken by 34-year-old John Elkann, the grandson of the former Fiat chairman Giovanni Agnelli.

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