Sergio Marchionee, chief executive of Fiat, has denied rumours that he will step down from his position next year.

Several internet news sites have quoted Marchionne at a meeting with financial analysts as saying he would resign ‘sometime in 2007’. Marchionne was also quoted as saying his replacement would come from within the company.

Since the speculation, Marchionne released his own statement: “I have no intention to leave the group in 2007 and I don't want to see headlines that say I will quit.

“There will be a transition in the car sector and a new configuration in 2007. There will be a lot of work to do and the guidance I can provide will continue in the future.”