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Fiat boss to lead Chrysler merger

2014-01-14 09:43

SERGIO MARCHIONNE: Fiat-Chrysler CEO (above) will lead a merge of Fiat and Chrysler for three years. Image: AFP

DETROIT, Michigan - Fiat-Chrysler CEO Sergio Marchionne will lead a merged Chrysler and Fiat for the next three years.

Fiat chairman John Elkann told reporters at the Detroit auto show that opened to the news media on Monday (Jan 13 2014) that he had a deal with Marchionne to stay at least until the end of 2016.

JOINING FORCES

Italian automaker Fiat announced on January 1 2014 that it had reached a deal to acquire the remaining shares of Chrysler for $3.65-billion (R39.5 billion) from a union trust fund.

Elkann said Marchionne built the two companies into one and would forge them into a strong company together.

Marchionne said the Fiat board would, during its meeting on January 29 2014 discuss where to locate the new company. Fiat is based in Turin, Italy, Chrysler is in Auburn Hills, Michigan.


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