Marchionne: Fiat, Chrysler will soon have one management structure

Sergio Marchionne

Fiat SpA and Chrysler Group LLC will soon have a single management structure, according to the CEO of both companies, Sergio Marchionne. Marchionne said he plans to announce a structure “in terms of leadership pretty quickly.”

Marchionne said he is working on management changes as he steps up the merger process between the two companies. He plans to bring together the two companies to reduce costs and achieve a target of more than $140 billion in revenue by 2014.

Fiat, which originally had a 20 percent stake in Chrysler, aims to increase its stake to 57 percent by the end of 2011. The UAW union’s trust will have 41.5 percent of Chrysler at that time.

– By: Omar Rana

Source: Bloomberg