Wednesday, September 16, 2009

Chrysler Chief Executive Sergio Marchionne Has Five Year Plan

FRANKFURT -- Chrysler Group LLC Chief Executive Sergio Marchionne said Wednesday he has designed a five-year plan for the auto maker and plans to share some of the details in November.

Mr. Marchionne, who is also CEO of Fiat SpA, said Fiat expects Chrysler's restructuring to initially progress slowly but significantly improve next year. He said Fiat is scheduled to present the plan for Chrysler by the end of November and that Chrysler will start reporting quarterly results by the end of the year.

"We are going to become a normal reporter in the U.S. hopefully by the end of 2009," Mr. Marchionne said at the Frankfurt auto show. "You will see numbers like you see for everyone else. I think we need to lift the shroud of secrecy from around the house. We have nothing to hide."

Mr. Marchionne said he had a "whole pile of surprises" when Fiat took control of the bankrupt Chrysler in June.......More

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