Turin

Tod's Della Valle slams Fiat CEO, owners for 'wrong choices'

'Moves neglect what's best for Italy'

Tod's Della Valle slams Fiat CEO, owners for 'wrong choices'

(ANSA) - Turin, September 14 - Tod's founder Diego Della Valle slammed managers and owners of Fiat for making "wrong choices" the day Italy's largest carmaker announced it was backing down from an originally announced plan called 'Fabbrica Italia' involving boosting investments in the euro region's third largest economy. "Fiat's real problems are not the workers, Italy or the economic crisis that certainly exists," said Della Valle in a statement. "Its real problems are its shareholders and its chief executive officer (Sergio Marchionne). They are the ones that are making the wrong choices. "Or worse still, they are making the choices that are most convenient for them, without taking into consideration the interests or the needs of the country, a country that has given much, very much, perhaps too much to Fiat". Fiat on Thursday night said its plans for growing its activities in Italy have been superseded by changed economic circumstances and a collapse in car sales that brought the local market to 1970s levels. The company said it was not in a position to enact investments drawn up more than two years ago, in different market circumstances. When "Fabbrica Italia" was first introduced as a concept in 2010 it involved planned investments of some 20 billion euros. The company said it would announce its new business plan in October this year. Fiat said it would make "responsible choices" in the upcoming plan but unions and politicians are calling on the government to help avert job losses.

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