Nardelli: Chrysler would give up control of board

In a note to employees, Chrysler CEO Bob Nardelli said the automaker would give up control of its board of directors and senior management to Fiat and the U.S. government if the alliance is approved and additional government loans are received.

According to Nardelli, the Italian automaker and the government would appoint a new board, with a majority being independent of either car company. That board would elect a new chairman and chief operating officer.