It’s official, folks – Fiat CEO Sergio Marchionne will also become the CEO of Chrysler. This news comes in after current Chrysler CEO Bob Nardelli said he would step-down once a partnership between Chrysler and Fiat is forged and after the new partnership completes its Chapter 11 bankruptcy restructuring.
Sergio has hinted in the past that he would become the American automaker’s new CEO, once stating that he would do whatever it takes to save Chrysler, even it means becoming the company’s CEO.
“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
Chrysler 300 Sedan Will Be Discontinued In 2020
It will be the last Chrysler sedan.
Chrysler two model lineup will see the elimination of the Chrysler 300 in 2020 and the addition of a second people-mover.
According to , there is no replacement for the large sedan planned. Instead, we can expect a new model based on on the Pacifica by mid-2019, possibly a crossover.
A production version of the electric Portal concept is also planned and should arrive in 2020. Unveiled in 2017 at CES in Las Vegas, the concept featured retractable steering wheel and had autonomous driving capabilities.
The elimination of the Chrysler 300 in 2020 will end a 15 year run for the full-size sedan, which entered production in 2005.
It’s hard to imagine a Chrysler brand without a sedan, let alone a large one, but the segment is in a perceptible decline, leading several other automakers to also trim their sedan lineup, if not downright eliminate it.
With only three models in its lineup by 2020, will the Chrysler brand even be relevant? Share your thoughts in the comments below.
Mike Manley Becomes New Fiat Chrysler CEO, Marchionne Steps Down
Health complications has forced Sergio Marchionne to step down from his post as Fiat Chrysler Automobile’s CEO. He has been replaced by Mike Manley effective immediately.
Marchionne had been recovering from shoulder surgery for some months, but a deterioration in his condition has rendered him incapable of running the automaker effectively.
FCA did not elaborate, but having served as FCA CEO since 2004, the former tax account oversaw a controversial tenure that included the acquisition of Chrysler during the 2008 global financial crisis, saving it from bankruptcy; the reintroduction of the Fiat, Alfa Romeo and Maserati brands to North America; spinning off Ferrari; and killing off Chrysler’s passenger cars,
Marchionne was expected to retire at age 66 in 2019. His replacement, Manley was previously the boss of FCA’s Jeep and Ram brands and assumes all powers of the CEO by the board of directors. John Elkann will become chairman at Ferrari, a post Marchionne was expected to hold in until 2021.
Is Fiat Chrysler better off without Sergio Marchionne? Share your thoughts in the comments below.
Hyundai Is Looking To Buy Fiat Chrysler?
That Fiat Chrysler Automobiles CEO Sergio Marchionne has been shopping for a corporate partner or a possible buyer is no secret, but could that partner / buyer be Korea’s very own Hyundai?
It was previously reported that Chinese automaker Great Wall was in talks to buy Jeep, and now a new rumor claims Hyundai will gun for a takeover of Fiat Chrysler Automobiles if the price is right.
According to sources that spoke with , Hyundai Motor Group CEO Chung Mong-koo is keeping a close eye on FCA’s stock price; once it drops to a certain level, a takeover bid will be made.
If true, the Korean automaker could make a takeover attempt before its annual shareholders’ meeting in spring of 2018, which is around the same time that FCA CEO Sergio Marchionne is expected to step down from his post.
The merger is reportedly being pushed by Elliott Management principal Paul Singer, an activist shareholder in Hyundai. Elliott Management also has a $1 billion stake in Hyundai.
Neither automaker has confirmed the talks, with Hyundai even denying it. When reached out to the Senior Group Manager of Hyundai Corporate and Marketing Public Relations, Michael Stewart about the rumor, he said “That rumor is totally groundless.”
If Hyundai does in fact takeover FCA, it would become the world’s largest automaker.