Luca De Meo, the Fiat Group's marketing division chief who in December 2007 was also made CEO at Alfa Romeo, confirmed on Monday that he is leaving all his positions at Fiat.
News earlier in the day that the 41-year-old executive would leave Fiat sent the company's stock tumbling by over 4% on the Milan stock exchange.
Among his other roles, De Meo was also CEO at Arbath, a division which produced race car versions of popular Fiat models.
In a statement released by his office, De Meo thanked Fiat ''for allowing me the possibility of living an unrepeatable personal and professional experience. But at 41 I feel the need to seek other professional interests''.
''I will always remember my seven wonderful and unforgettable years at Fiat which allowed me to grow and tackle difficult and very stimulating challenges,'' he added.
Fiat Group CEO Sergio Marchionne thanked De Meo ''for his excellent work these past years. Personally, I am sorry he has made this decision, even if I am well aware that a brilliant and capable young man like Luca must have the desire to seek out new experiences in other corporattions''.
''I wish him the very best for his future, both personal and professional,'' Marchionne added.
Last September De Meo was named 2008 Chief Marketing Officer of the Year, a prize offered by Boos & Company De Meo was chosen ''for his work at Fiat, in particular the advertising campaign for the launch of the Fiat 500 in which he employed innovative non-marketing techniques, including the interactive website '500 Wants You','' a statement from the organizers said.
The website, the organizers recalled, was a ''multimedia platform which included all aspects of communication: from advertising to viral marketing, from fashion to photography''.
Born in Milan in 1967, De Meo earned a decree in economics at Milan's prestigious Bocconi University and began his corporate career with Renault, first in Italy and then in France, from 1992-97.
In 1998 he moved to Toyota Europe where he was responsible, among other things, for product planning and the coordination of commercial planning for the Lexus marque.
De Meo joined the Fiat Group in 2002 as marketing chief for Lancia and later became the company's CEO.
In November 2004 he moved over to the Fiat marque where he became CEO for Fiat Automobiles and focused on relaunching the company's brand.
He became chief marketing officer for the Fiat Group in September 2007 and in December of that same year was made Alfa Romeo CEO.
