Thursday, August 27, 2009

Marchionne makes himself at home with new condo

Sergio Marchionne is a man with two jobs and now two homes on two continents.

The chief executive officer of Chrysler Group LLC in Auburn Hills and Fiat SpA in Turin, Italy, has purchased a condo in Metro Detroit, where he is spending a lot of time restructuring the ailing U.S. automaker.

Purchasing a place to call home in Birmingham can be seen as a commitment to the area as well as to the automaker, which was not the case with the last man whose job it was to turn Chrysler around.

Marchionne "needs to be visible," said David Cole, chairman of the Center for Automotive Research in Ann Arbor. "If he's going to be CEO, he needs to be here."

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