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Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a vibrant new company. It will allow Chrysler and Fiat to fully optimize their respective manufacturing footprints [...]
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, [...]
Dear Employees, Today’s announcement by the Administration represents an important step forward on our path to viability. The Administration, U.S. Treasury and the President’s Auto Task Force have recognized Chrysler’s viability as an important part of the U.S. auto industry and overall economy, and have provided a critical vote of confidence in our alliance with [...]
Sources close to the discussion told Bloomberg News that Chrysler CEO Robert Nardelli has not been asked to step down, a fate already meted out to General Motors CEO Rick Wagoner. This is likely because of the leaders of the three Detroit automakers, Nardelli has the least time in his position.