Let’s hear that old Spaghetti Western theme music. You know, from those Clint Eastwood films like “Hang ‘Em High” and “For A Few Dollars More”. Because the Italians are coming to the rescue, in the form of automaker Fiat–here to save the day for Chrysler!
It was announced today that Fiat SpA Chief Executive Officer Sergio Marchionne plans to run Chrysler LLC after the Auburn Hills automaker emerges from bankruptcy, a company source confirmed. Chrysler Chairman and CEO Robert Nardelli said that he would step down.
Marchionne has discussed his plan to take over as Chrysler CEO with officials from the U.S. Treasury, which will have the biggest presence, at least initially, on the board of a new company comprising Chrysler assets.
Marchionne, who became Fiat’s chief executive in 2004 and returned the struggling Italian automaker to profit, wants to combine Fiat’s auto business and its prospective interest in Chrysler with GM Europe’s operations, which include the Opel, Vauxhall and Saab brands.
GM declined to comment on the negotiations with Fiat.