During the 2011 Management Briefing Seminars in Traverse City, Michigan Chrysler and Fiat CEO Sergio Marchionne (59) glossed over the fact that he could be stepping down in either 2015 or 2016. Speaking about Chrysler's future plans, Marchionne said that it would be "up to the guy after me, I think -- after 2015, hopefully. Maybe a year later. Chrysler will be here after me."
He later clarified those statements saying, "I technically can go beyond 2015. I wouldn't focus on the date. I would focus on the process.
"The Process has been designed and I've always believed that my successor needs to come from the inside..."
Reuters is reporting that Fiat's shared closed 1.73 % down (5.98 euro) due to the announcement.
Marchionne was named CEO of Chrysler in June of 2009 and quickly put into place a five-year turnaround plan. 2015 is one year after The Plan is set to finish.
ergsum says:
11:24 AM, 08/ 3/11
His sweater, however, will step in to continue to run the company until 2019.