Sergio Marchionne, CEO of the Fiat Group, said today that he has no intention to run Chrysler LLC. He said that there isn’t going to be a direct operating responsibility on his side. However, Marchionne said that he will join Chrysler’s board as one of the three Fiat executives of a new seven-member board.
“I have not made yet a specific time commitment to Chrysler, but turning Chrysler around is part of the process of strengthening Fiat Group automotive operations. Thus it is simply part of my job,” Marchionne told Automotive News.
He said that while turning around Chrysler may seem impossible, the mission can be accomplished if the executives and shareholders give “the right level of concessions.”
Under the new partnership, Fiat will own a 35 percent stake in Chrysler LLC but will make no cash investment in the automaker.