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post #21 of 72 (permalink) Old 06-13-2014, 08:15 AM Thread Starter
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Chrysler Group Names New Directors

Chrysler Group Names New Directors
June 13, 2014 , Auburn Hills, Mich. -

Chrysler Group LLC today announced several changes to its Board of Directors.

Hermann G. Waldemer has joined the Chrysler Group board. Most recently, he served as Chief Financial Officer of Philip Morris International. Waldemer replaces Douglas Steenland who leaves the Board at the expiration of his term. Steenland was appointed to the Board in July 2009.

In addition, the Chrysler Board has increased in size to 13 members and now includes the following executives:


Reid A. Bigland, Head of U.S. Sales, Chrysler Group LLC; Chairman, President and Chief Executive Officer, Chrysler Canada Inc.; President and Chief Executive Officer, Ram Truck Brand, Chrysler Group LLC, and member of Fiat S.p.A. Group Executive Council (GEC), the highest executive decision-making body within Fiat outside of its Board of Directors;

Giorgio Fossati, General Counsel, Fiat S.p.A.;

Michael J. Keegan, Senior Vice President – Human Resources and Corporate Sustainability Officer, Chrysler Group LLC and GEC member;

Michael Manley, President and Chief Executive Officer – Jeep Brand, Chrysler Group LLC; Chief Operating Officer for Asia Pacific (APAC) and Lead Executive for International Operations, Chrysler Group LLC and GEC member; and,

Richard K. Palmer, Chief Financial Officer, Chrysler Group LLC; Chief Financial Officer, Fiat S.p.A. and GEC member


“I welcome this group of strong leaders to the Board,” said Chrysler Group Chairman and Chief Executive Officer Sergio Marchionne. “Their collective experiences will help propel us forward as we begin to execute our five-year plan.

“I also want to thank Doug for his leadership while serving on the Chrysler Group board for the past five years. His contributions have helped shape the Company to where it is today and we wish him well.”

All appointments were effective June 10, 2014. All other directors continue in office.

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post #22 of 72 (permalink) Old 08-02-2014, 08:50 AM Thread Starter
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Fiat shareholders OK Chrysler merger

August 1, 2014

Fiat shareholders OK Chrysler merger


Fiat shareholders voted Friday overwhelmingly in favor of a merger with Chrysler that has been five years in the works and will shift 115-year-old Fiat’s center of gravity abroad.

The approval paves the way for the new company, to be called Fiat Chrysler Automobiles NV, to list its shares in the U.S., likely by mid-October. It will be legally based in the Netherlands and have its fiscal home in Britain.


Quote:
Marchionne told the more than 1,200 shareholders present at what is likely to be the last general assembly in Turin, Fiat’s birthplace, that the alliance has already made Fiat Chrysler the seventh-largest automaker in the world, producing 4.4 million cars last year.

Quote:
“We almost went bankrupt in 2004 as Fiat and Chrysler did go bankrupt in 2009,” Marchionne said. “Sinners have to bear the burden on proving themselves. We are willing to pay the price.”
Quote:
By combining resources with the U.S. carmaker, the company can better compete with heavyweights like General Motors Co., Volkswagen AG and Toyota Motor Corp., the CEO says. A brush with bankruptcy a decade ago proved the Italian focus was unsustainable.

“Marchionne needs the lights of Wall Street,” where Fiat Chrysler plans to locate its primary listing by mid-October, said Vincenzo Longo, an investment strategist at IG Group in Milan. There’s more opportunity there than at a “peripheral place like what the Italian market has become.”
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Quote:
There’s little option for Fiat as a stand-alone company. North American operations, which were nonexistent before Fiat gained control of Chrysler about five years ago, accounted for 62 percent of group second-quarter operating profit. The manufacturer’s once-core European operations lost 6 million euros, as the saturated market gradually recovers from a two-decade low. Without its U.S. division, Fiat would have been unprofitable in 2012 and 2013.
From The Detroit News: Fiat shareholders OK Chrysler merger | The Detroit News

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post #23 of 72 (permalink) Old 09-10-2014, 08:58 AM Thread Starter
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Ferrari Chief Steps Down After Clash With Fiat CEO

Ferrari Chief Steps Down After Clash With Fiat CEO

09/10/2014


Ferrari Chairman Luca Cordero di Montezemolo resigned after 23 years at the helm of the super-car maker because of a clash over strategy with Sergio Marchionne, chief executive officer of parent Fiat SpA. (F)

Montezemolo, 67, will step down effective Oct. 13, Turin, Italy-based Fiat said today in a statement. Marchionne, who had publicly expressed disappointment with Ferrari’s Formula One performance, will take charge of the unit.


Quote:
Discussions over Ferrari’s future and its racing potential “led to misunderstandings which became clearly visible over the last weekend,” Marchionne said in the statement. “I want to thank Luca for all he has done for Fiat, for Ferrari and for me personally.”

The Formula One spat masked deeper divides over the future of Ferrari’s role in the group. The Maranello-based company, which is 90 percent-owned by Fiat, is a key component of Marchionne’s plans to expand in luxury cars to better compete with Volkswagen AG, which owns Lamborghini among its stable of high-end nameplates.

Fiat shares rose as much as 3 percent to 7.93 euros and were up 2.2 percent at 9:44 a.m. in Milan trading. The stock has gained 33 percent this year, valuing the company at 9.87 billion euros ($12.8 billion).

Montezemolo, who took charge of Ferrari in 1991, wanted to maintain Ferrari’s autonomous status, including capping sales to about 7,000 cars a year to preserve the brand’s exclusive allure. That clashed with Marchionne’s goal of having Ferrari bolster a shift by the group into upscale cars as part of Fiat’s merger with U.S. unit Chrysler Group LLC.

Montezemolo, who also served as Fiat’s chairman from 2004 to 2010, teamed up with Marchionne after his appointment a decade ago to revive the carmaker from the brink of bankruptcy. The Ferrari chief wasn’t appointed to the new board of the merged entity, Fiat Chrysler Automobiles NV.

Tensions between Marchionne and Montezemolo were evident last weekend, when the Fiat CEO criticized the recent performance of Ferrari’s Formula One team as “unacceptable.” He also took issue with comments from Montezemolo offering to continue running the brand, adding that “nobody is indispensable.”

During Montezemolo’s tenure, the super-car brand boosted revenue 10-fold as sales more than tripled. Ferrari’s racing team won the Formula One championship in 2000 after a 21-year drought, and then took five consecutive titles under driver Michael Schumacher. The last winning season was in 2008, when it took the award for the top team. Still, Montezemolo bristled at having Ferrari integrated into Fiat Chrysler.

“Ferrari is now American,” which represents “the end of an era,” Montezemolo told close associates last weekend, Il Corriere della Sera reported Sept. 8. Italian newspapers including Il Messaggero reported in the last few weeks that he might be tapped to head Italian airline Alitalia.
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post #24 of 72 (permalink) Old 09-11-2014, 04:02 PM Thread Starter
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Fiat gives outgoing Ferrari chairman $35M severance package

Fiat gives outgoing Ferrari chairman $35M severance package


09/11/2014

Luca di Montezemolo may not have wanted to leave Ferrari this way, but don't feel too bad for the departing chairman, because he'll be hitting the ground with a golden parachute so big that he'll never have to work again.

Quote:
According to the latest reports, Fiat will pay Montezemolo 26.95 million euros (nearly $35 million) in severance pay. A little more than half of that will be paid in a lump sum of 13.71 million euros ($17.7M, equivalent to five times his annual salary) on January 31, 2015, with the rest to be paid within the next 20 years.

The payment is contingent on Montezemolo not going to work for a competitor, so don't expect to see him replacing Stephan Winkelmann at Lamborghini or Wolfgang Dürheimer at Bugatti any time soon. At least not until March 2017. Of course with that much cash on hand, the 67-year-old marquis need never work again, but considering how busy he's used to keeping himself, we'd be surprised if he didn't pop up again somewhere.

Aside from his leadership of Ferrari, Montezemolo has also chaired the Fiat Group, the Formula One Teams Association, industry associations Confindustria and FIEG, a local university, a political think tank, an America's Cup sailboat racing team, the 1990 World Cup of soccer and a high-speed train network. Recent reports have linked him to ailing Italian airline Alitalia, whose leadership he could very well assume, while earlier reports suggested he could run for prime minister.
SOURCE

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post #25 of 72 (permalink) Old 09-12-2014, 06:44 PM Thread Starter
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Fiat S.p.A. named to Dow Jones Sustainability Index World

Fiat S.p.A. named to Dow Jones Sustainability Index World

September 12, 2014 , Auburn Hills, Mich. -

Fiat S.p.A. has once again been included in the prestigious Dow Jones Sustainability Index (DJSI) World. The company received a score of 87/100 compared with an overall average of 58/100 for companies in the Automobiles industry evaluated by RobecoSAM, the specialists in sustainability investment. This result places Fiat Group’s economic, environmental and social performance among the world’s leading companies.

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post #26 of 72 (permalink) Old 09-18-2014, 06:53 PM Thread Starter
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Fiat Chrysler Automobiles NV’s global headquarters

Fiat Chrysler Automobiles NV’s global headquarters will be located in London.

September 18, 2014

The automaker, created from the upcoming merger of Chrysler Group LLC and parent company Fiat SpA, has agreed to lease three floors of a building on the city’s West End business district, said Richard Gadeselli, Fiat vice president of international corporate communications.

Quote:
Gadeselli, in an email, said the facility will be the corporate offices for both FCA and CNH Industrial NV, a commercial-vehicle producer spun off from Fiat in 2011. Employees are expected to move in to the building at the end of the year. The company would not release how many employees are expected to occupy the floors or any other details. Fiat has had corporate offices in the same London area for more than 40 years.

When the merger was announced in January, Fiat and Chrysler CEO Sergio Marchionne said the headquarters for the new company would be located in the United Kingdom, but did not provide a specific location.

The London headquarters was chosen for tax purposes and to avoid political controversy in the automakers’ current home countries. Chrysler — founded in the U.S. in 1925 — was part of the $85 billion automotive bailout using U.S. taxpayer money, and Fiat was founded in Italy in 1899.

Marchionne has continually downplayed the significance of a “headquarters,” saying many executives have worked between Auburn Hills and Italy for years.

The finalized headquarters comes less than a month before the merger is finalized. Shares will be listed on the New York Stock Exchange on Oct. 13.
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post #27 of 72 (permalink) Old 10-29-2014, 06:20 PM Thread Starter
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Fiat Chrysler to issue $2.5 billion mandatory convertible, shares

Fiat Chrysler to issue $2.5 billion mandatory convertible, shares

10/29/2014

MILAN (Reuters) - Fiat Chrysler Automobiles said on Wednesday it would issue a mandatory convertible bond for $2.5 billion (1.55 billion pounds) and place up to 100 million of its shares to shore up funding for its 48-billion euros (37.86 billion pounds) investment plan.

Quote:
Investors participating in the mandatory convertible offering will be entitled to receive shares in luxury carmaker Ferrari as part of a spin-off plan announced earlier on Wednesday.

The market has long said FCA, with a net debt of 11.4 billion euros at the end of September, needed to raise capital to strengthen its balance sheet, especially as it is still battling with losses in Europe and a weakening outlook for Latin America.

The world's seventh-largest carmaker, which moved its primary listing to New York on Oct. 13, said the share issue would include treasury shares and stock that will be issued to offset a buyback of shares from exiting investors as part of the merger into Fiat Chrysler Automobiles.

The group added in a separate statement it would repay ahead of maturity Chrysler bonds due in 2019 and 2012.
SOURCE

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post #28 of 72 (permalink) Old 10-29-2014, 07:32 PM Thread Starter
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Fiat Chrysler shares jump 18% after news of Ferrari spinoff


Oct 29, 2014

LONDON (MarketWatch) -- Shares of Fiat Chrysler Automobiles NV FCA, +12.79% surged 18% in Milan on Wednesday after the company said it will spin off Ferrari SpA into a separate company and list a 10% stake on the market. FCA said it plans to float the car maker during 2015 and will seek a listing in the U.S. and possibly at a European exchange. The move is part of FCA's plan to raise money to finance the its 48 billion euro ($61 billion) five-year growth plan.

SOURCE

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post #29 of 72 (permalink) Old 01-28-2015, 11:39 AM Thread Starter
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FCA closed 2014 with strong performance

FCA closed 2014 with strong performance in line with full-year guidance.


01/28/2015

Revenues were up
11% to €96.1 billion with EBIT up to €3.7 billion a
djusted for unusual items. Net profit was €632
million. Net industrial debt at year-end was €7.7 b
illion, including €2.3 billion benefit from the
capital raising in Q4.

Worldwide shipments totaled 4.6 million units, an i
ncrease of 6% driven by growth in NAFTA, APAC and E
MEA. Jeep brand achieved record volumes with global sales of
over 1 million vehicles.

Net revenues were up 11% to €96.1 billion (+12% at
constant exchange rates - CER).

EBIT was €3,223 million, up 7% (+9% CER). EBIT adju
sted for unusual items totaled €3,651 million (+4%)
with strong improvements for APAC, Maserati and EMEA, which pos
ted a €28 million positive result in the fourth quarter.
NAFTA was substantially in line with the prior year
, while weak market conditions impacted performance
in LATAM.

Net profit was €632 million. Adjusted for unusual i
tems, the Group closed 2014 with a net profit of €9
55 million,representing a slight improvement over the prior year.

Net industrial debt was €7.7 billion at year end, a
fter issuance of USD 2.9 billion Mandatory Converti
ble Securities(MCS), placement of 100 million common shares and s
hare repurchases following completion of the merger
in Q4.

Available Liquidity, including €3.2 billion in undrawn committed credit lines, was €26.2 billion.


Continued

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Fiat Chrysler Gives Upbeat Outlook

Fiat Chrysler Gives Upbeat Outlook, Turns Profit in Europe -- 2nd Update

January 28, 2015

MILAN-- Fiat Chrysler Automobiles NV, the smallest of Detroit's Big Three, on Wednesday indicated it is ahead of its rivals in at least one area: returning to black ink in Europe.

Stronger sales of small trucks and vans and the Fiat 500 and Jeep pushed Fiat Chrysler to a small operating profit on the Continent in the last three months of 2014 after 30 quarters of losses. Fiat Chrysler Sergio Marchionne said he expects the company to post a full-year operating profit in Europe, the Middle East and Africa while General Motors Co. and Ford Motor Co. have said they would lose money again this year in the region.


Read more: Fiat Chrysler Gives Upbeat Outlook, Turns Profit in Europe -- 2nd Update - NASDAQ.com

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