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CEO to quit Fiat or Chrysler within two years

By Matt Brogan |

Running both Fiat and Chrysler is proving a massive responsibility for the CEO of both manufacturers, Mr Sergio Marchionne. Speaking yesterday in Washington DC, Mr Marchionne said he plans to resign from one of the two positions sometime within the next 24 months.

Though not set in concrete, Mr Marchionne did strongly hint which company would soldier on without his leadership.

“This cannot go on forever,” said Mr Marchionne. “Certainly within the next 24 months, we’ll find a more permanent solution, either there (in Italy) or here. I’m not threatening the Italian side with a departure from Italy, but we need to find a solution.”

Mr Marchionne said that his primary focus is on turning Chrysler around in order to pay back American taxpayers. Chrysler received significant low-interest loans from the US Treasury earlier this year.

“We are not planning miracles at Chrysler,” he said. “We deliver what we promise.”


 
  • FrugalOne

    *****PRIMO!*****

    Sergio and FIAT Group have taken on a HUGE job to turn around Chrysler, it’s a good deal for FIAT as they can walk away if it fails [which we all hope it does not] and not lose a cent of FIAT’s money, as they have not invested any actual money in it.

    Wonder how Daimler Benz feels seeing they lost over 40 BILLION on Chrysler…lol

    FIAT shares have DOUBLED in value over the last 18 months so you could have doubled your investment, ok it was from a low point, but the market is confident in them.

    Anyway, Sergio is VERY confident he can turn around Chrysler, pay back the GovCo, raise the share prices to a good high point, and then perhaps sell it off?

    FIAT are world leaders in small diesels engines and now with multiair as a secret weapon they have the firepower to turn Chrysler around.

    I think he will remain CEO with FIAT he is Italian after all.

    Good luck to him and his group, the only way is up!

    Cheers

    F-0

    Back on on the case!