GM, Fiat Form Powertrain Joint Venture Firm

General Motors Corp and Fiat Auto SpA have formed a 50/50 powertrain joint venture company. As part of that announcement, Daniel M Hancock, currently president of Allison Transmission, was named chief executive officer of the new company. He will relocate to Turin, Italy, headquarters of the joint venture company, and will be responsible for leading the new company's operations in Europe and Latin America. Lawrence E Dewey, 43, currently director of marketing, sales, and service at Allison, was named to succeed Hancock as president, and will report to GM Vice-Chairman Harry J Pearce. These changes are effective immediately.