This article was written by Paul Betts
and was published in the Financial Times

"For someone recently tempted to take a back seat after his successes at Ferrari, Luca di Montezemolo is jumping into the car industry's hottest seat. It is one thing turning round the sports car manufacturer and assuming the presidency of the industrial confederation: quite another taking on Italy's largest industrial albatross.

Fiat, on the verge of collapse a year ago, is showing timid signs of
revival. But the company still faces fundamental questions over its future. It is caught in the middle of an industry dominated by a handful of big world producers and several niche players. Mr Montezemolo's dilemma is whether Fiat can hoist itself back in the big league or is condemned to be consolidated.

The Agnellis have sent a strong message of standing firmly by their car business by calling on Mr Montezemolo to take over from the late Umberto Agnelli. They hope he will apply the same magic to Fiat as at Ferrari. He has moved quickly to appoint Sergio Marchionne, former Lonza and SGS boss, as chief executive.

Mr Montezemolo's critics claim he is a brilliant salesman but worry, for all his dash and charm, about his skills in managing as large and complex a conglomerate as Fiat. They should give him the benefit of the doubt.

Fiat needs more than a business plan. It needs vision and inspiration to revive its battered morale. Above all, it needs luck - something it has sorely lacked of late. Mr Montezemolo must also be praying he will live up to his "Lucky Luca" reputation."