Saturday, May 9, 2009

BREAKING: Fiat’s CEO Sergio Marchionne to become Chrysler CEO !

On April 30th, when Chrysler finishes filing Chapter 11 bankruptcy, it states that Chrysler's current CEO Bob Nardelli will step down and go back to Cerberus as an advisor. However, who's the replacement? Well, the U.S. government will select six board members, while Fiat will select three. That new board would select a new CEO for the new company. Nevertheless, reports that Chrysler may have decided already!

In an interview with Bloomberg yesterday, Fiat CEO Sergio Marchionne said that he will head Chrysler LLC (if it is still called that after bankruptcy) once it emerges from Chapter 11 bankruptcy. “Chrysler is on track to re-emerge from bankruptcy in 60 days,” Marchionne said. “I will become Chrysler CEO after that.” The idea has been discussed in meetings with the U.S. Treasury, he told Bloomberg.

These reports are probably true. While Fiat will be the saviour for Chrysler, Fiat will actually own 35% of the Chrysler LLC Group. So with Marchionne in-control, Fiat might be planning to take over Chrysler someday.

Source: [Reuters]

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