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Discussion Starter #81
Chrysler Group Reduces Interest Rate on Term Loan



December 23, 2013 , Auburn Hills, Mich. -

Chrysler Group LLC today announced that it has taken advantage of favorable market conditions to reduce the interest rate on its $2.9 billion term loan. Under current market conditions, this action reduces the annual interest cost for the term loan by approximately $22 million. The term loan maintains a maturity date of May 24, 2017.
 

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Discussion Starter #82
FIAT to Purchase Remainder of Chrysler Group


Jan 02, 2014



Italian automaker FIAT announced Wednesday that it will have complete ownership of Auburn Hills, Mich.-based Chrysler Group LLC after FIAT agreed to buy the remaining shares owned by the VEBA Trust, a UAW trust fund. FIAT will purchase the shares, which account for 41.5 percent of Chrysler Group, in an agreement worth $4.35 billion, Forbes reports. Chrysler Group LLC includes the Chrysler, Dodge, Jeep, Ram, FIAT, SRT and Mopar brands.

The Associated Press reports that FIAT stocks jumped after news of the sale. “Investors cheered the details of the deal, bidding the shares up 12 percent on the Milan exchange. The stock was up by as much as 15.8 percent earlier in the day.”

The sale of the remainder of Chrysler Group to FIAT will help the Italian carmaker expand its lineup of vehicles, Reuters explains. “Chrysler, which Fiat has been running since the bailout deal with the U.S. government, is now a profit centre for Fiat. The Italian carmaker has been hurt by sagging sales in Europe, whereas those in Chrysler's North American home market have risen nearly 50 percent since 2009.”

With FIAT having complete ownership of Chrysler Group, the automaker hopes to better compete on a global scale, Bloomberg reports. “Chrysler and Fiat together delivered 4 million vehicles worldwide in 2012. That compares with 9.07 million vehicles sold by Wolfsburg, Germany-based VW, 9.3 million by GM and 9.75 million by Japanese competitor Toyota Motor Corp. (7203), according to Bloomberg Industries data. Marchionne estimated in June that a merged Fiat and Chrysler will rank seventh in global deliveries.”
SOURCE
 

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Discussion Starter #83
Chrysler Group Announces Leadership Team Changes

January 15, 2014 , Auburn Hills, Mich. -



Chrysler Group LLC today announced that Robert (Bob) E. Lee is appointed Interim Head of Transmission Powertrain and Driveline Engineering. The appointment is in addition to his current responsibilities as Head of Engine, Powertrain and Electrified Propulsion Systems Engineering. Lee also continues to serve as Powertrain Coordination on the Group Executive Council (GEC) for Fiat S.p.A.. He has held both roles since 2011.

Mircea Gradu has left the Company to pursue other interests.
 

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Discussion Starter #84
01/16/2014

CHRYSLER AXES EXECUTIVE


Chrysler ran into a bunch of powertrain problems with the Jeep Cherokee last year. The launch was delayed for months. Well the company announced yesterday that the executive who was in charge of Transmission Powertrain and Driveline Engineering has been fired. The official description is that he “left to pursue other opportunities.” Mircea Gradu is the name of the exec who was in charge of that operation, and he’s been replaced on a temporary basis by Bob Lee, who is in charge of all engine and powertrain operations at Chrysler.
SOURCE
 

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Discussion Starter #85
Chrysler becomes subsidiary of Fiat

01/21/2014

MILAN — The Italian carmaker Fiat says its acquisition of the final Chrysler stake is complete, making the U.S. car company a wholly-owned subsidiary of Fiat.

Fiat SpA said Tuesday that it closed the deal announced Jan. 1 with the cash payment of $1.75 billion to a union-controlled trust fund. That's on top of an initial $1.9-billion payment, which was arranged through a special distribution from Chrysler. Fiat also made the first installment on an additional $700 million payment.

Fiat has been running Chrysler since 2009, but lacked full control until Fiat-Chrysler CEO Sergio Marchionne won a hard-fought deal with the minority stakeholder. The deal gives Fiat a freer hand to push deeper integration and decide where the joint company will be based and listed, as well as its name.

Read more here: MILAN: Chrysler becomes subsidiary of Fiat | National Business News | The State
 

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Discussion Starter #86
Chrysler Group Names Lux Head of Transmission Powertrain

March 19, 2014 , Auburn Hills, Mich. -

Chrysler Group LLC appointed Jeffrey Lux as Head of Transmission Powertrain. The appointment is effective immediately.

As part of Chrysler Group’s Leadership Team, Lux is responsible for the design, development and release of all transmission and driveline systems for the Company as well as supporting efforts to coordinate Powertrain activities on a global basis.

Lux joins Chrysler Group from General Motors Co. where he held a series of engineering positions with increasing responsibility since 1986. Most recently, he served as Executive Director, Powertrain New Product Launch.

Lux holds a Master of Business Administration from Michigan State University, a Master of Science in mechanical engineering from the Massachusetts Institute of Technology and a Bachelor of Science in mechanical engineering from Cornell University.
 

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Discussion Starter #87
Ben Winter Head of Product Planning

Chrysler Group Names Ben Winter Head of Product Planning

June 24, 2014 , Auburn Hills, Mich. -



Chrysler Group LLC today announced Ben Winter was appointed NAFTA Head of Product Planning, effective immediately, filling a previously announced personnel move. In this position, Winter is responsible for research and planning of all future vehicles in the North American market. He is also named to the Chrysler Group Leadership Team with this appointment.

In his previous role, Winter was Vice President – Vehicle Engineering where he was responsible for engineering, program execution and launch of current and future vehicle platform programs.

Winter joined Chrysler in 2008 as Chief Engineer – Minivan segment. He began his career at Ford Motor Company in 1985 as a Senior Engineer and held several positions of increasing responsibility in the engineering and manufacturing organizations.

He is a graduate from the University of Michigan, holding three degrees – a Master of Business Administration, a Doctorate in Metallurgical Engineering and a Master of Science in Metallurgical Engineering. Winter is also a graduate of the University of Missouri – Rolla with a Bachelor of Science degree in Metallurgical Engineering.
 

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Discussion Starter #88
Chrysler Group Establishes New Vehicle Safety Office, Announces Leadership Changes
August 12, 2014 , Auburn Hills, Mich. -

Scott Kunselman was named Senior Vice President - Head of Regulatory and Compliance, Chrysler Group LLC in August 2014.

Tom Finelli was put in charge of NAFTA Purchasing and Supplier Quality in August 2014

Chrysler Group LLC today announced the establishment of a new office of Vehicle Safety and Regulatory Compliance, led by Senior Vice President Scott Kunselman.

Previously, the Company’s global engineering group was responsible for vehicle safety and regulatory compliance. Effective immediately, this function will be served by a stand-alone organization, with Kunselman reporting directly to CEO Sergio Marchionne.

This action will help intensify the Company’s continuing commitment to vehicle safety and regulatory compliance.

Kunselman remains part of the Company’s NAFTA leadership team, focusing solely on vehicle safety and regulatory compliance. He had been in charge of NAFTA Purchasing and Supplier Quality. Prior to that, he was Senior Vice President-Engineering, a position that included oversight of regulatory compliance.

Tom Finelli, Director-Global Standardization, will assume responsibility for NAFTA Purchasing and Supplier Quality and join the Company’s NAFTA leadership team effective immediately.

These actions also benefit the engineering organization, which now is concentrated on meeting key product-development initiatives.
 

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Discussion Starter #89
Chrysler Group Appoints New Head of Product Development

August 12, 2014 , Auburn Hills, Mich. -



Chrysler Group LLC today named John Nigro Head of NAFTA Product Development, effective immediately. In this role, Nigro has responsibility for all systems and component engineering, vehicle line programs, advance vehicle development, architecture, innovation and product technical planning. He also oversees vehicle testing and validation. In addition, Nigro joins the NAFTA Leadership Team reporting to Chrysler Group Chairman and CEO Sergio Marchionne.

Previously, Nigro was Vice President - Systems & Component Engineering, a position he held since April 2013. In that role, Nigro oversaw systems and component engineering for the Company’s entire vehicle line up. Prior to that, he held a series of positions in engineering with increasing responsibility. Nigro joined the Company in 1984.

Nigro replaces Mark Chernoby who was appointed Chief Operating Officer Product Development, overseeing the activities of the Engineering and Development organization across the four operating regions.
 

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Discussion Starter #90
Chrysler Group Announces Executive Appointments

Chrysler Group Announces Executive Appointments

August 18, 2014 , Auburn Hills, Mich. -



Chrysler Group LLC today announced that Reid Bigland is appointed Head of Alfa Romeo Brand for the NAFTA region. Bigland continues as Head of U.S. Sales and as President and Chief Executive Officer (CEO) of Chrysler Canada. He will also continue as a member of the NAFTA Leadership Team and the Fiat Chrysler Group Executive Council (GEC).



In addition, Robert Hegbloom is appointed Head of Ram Truck Brand. In his new role, Hegbloom will become a member of the NAFTA Leadership Team. Both appointments are effective immediately.

“I am delighted to be able to announce these appointments. Reid has demonstrated exceptional leadership skills in managing Chrysler’s consistent rise in sales and market share in both Canada and the U.S.,” said Sergio Marchionne, Chairman and CEO, Chrysler Group and CEO of Fiat S.p.A. “The addition of Alfa Romeo to his portfolio of responsibilities is an indication of how committed we are to the establishment of this brand in the North American market, a process that has already started with the introduction of the Alfa Romeo 4C. Much more is expected from this brand in the next few years as outlined in our five-year plan presented on May 6, 2014, and Reid’s seniority and experience are ideal for the significant task that is now getting underway.

“Reid has been working intensely with Bob in the establishment of the Ram Truck Brand after separation from Dodge, and it is appropriate that Bob now be given the opportunity to continue and intensify the work started by Reid.

“These appointments are a clear reflection of the value we at Chrysler place on people development and the nurturing of leadership skills. Both Reid and Bob have grown tremendously as leaders in the last five years, and the time has come for them to have expanded leadership roles.”

Hegbloom previously served as the Director of Ram Truck Brand. He has held a series of positions with increasing responsibility supporting the Company’s truck brand. Hegbloom joined Chrysler in 1986.
 

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Discussion Starter #91
Fiat-Chrysler Heads For An IPO In October

Fiat-Chrysler Heads For An IPO In October

09/02/2014



Sergio Marchionne, CEO of the newly-merged Fiat-Chrysler Automobiles, informed reporters about listing the company on the New York Stock Exchange in October. Marchionne expects the IPO to do great in North America, as business and the stock markets in US are doing exceedingly well.

He also informed the media that board members of Fiat-Chrysler Automobiles will meet at the end of October to take decisions regarding the capital structure.

Fiat & Chrysler Merger Deal

Italian automobile maker Fiat S.p.A. (FIATY) is a family holding company with maximum shares and power held by the Agnelli family. Fiat for a long time has been facing low growth, mainly due to a shrinking and saturating domestic auto market.

Profitability margins have been shrinking due to increased finance cost. As per the second quarter results of its fiscal 2014 (2QFY14), the amount of debt was as high as 32 billion euros versus the equity measuring up to 18.5 billion euros.

In order to rejuvenate the company growth and secure its future in the competitive global arena, Fiat started planning investment in Chrysler Group, LLC since 2004.

Chrysler is an auto company based in US and is popular for its jeep models. Compared to Fiat, the US car maker has been showing incredible performance and strong growth in net income. Chrysler recently reported it as 22%, resulting in a revenue boost by 24% in FY14.

Fiat penetrated the American markets via investment in Chrysler back in 2009. The investment supported Fiat incredibly. It was getting 60% of its total revenues from the American region alone. Early this year, Chrysler became Fiat’s wholly-owned subsidiary and in this same time period their merger was also announced.

The union was initially accepted by all stakeholders but slipped into some trouble with shareholders who began showing apprehensions and resentment over the partnership. Fiat had already set a ceiling to pay 500 million euros maximum to investors withdrawing their holding.

The merger plan was also showing symptoms of failure until this Friday. After preliminary tally of shares, it was announced that the amount
Continued
 

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Discussion Starter #92
October 13th, 2014?

Newly merged Fiat-Chrysler aims for US listing in October


09/01/2014

Fiat-Chrysler aims to list shares in the newly merged carmaker in New York next month, chief executive Sergio Marchionne said, adding that a decision on any capital increase would be made later in October.

He was speaking a day after the merger between Fiat and its US unit Chrysler cleared its last remaining hurdle.


Fiat bought out Chrysler at the start of 2014 and both operate as one firm. Mr Marchionne wants to incorporate the two into Dutch-registered entity Fiat Chrysler Automobiles (FCA), paving the way for the US listing he says is needed to help finance a €48 billion five-year growth plan.

“The most likely date for the listing in the US is October 13th,” he told reporters on the sidelines of a meeting in Rimini. As part of the listing, Fiat will sell shares acquired from investors exiting the company before its merger with Chrysler to raise funds and boost trading liquidity.

“Those are shares that I normally would not have repurchased, so they may be used to create liquidity” rather than add to debt, Mr Marchionne said.

Mr Marchionne is counting on the merger and the listing to help pay for a relaunch of its Alfa Romeo and Maserati brands, export Jeeps globally, and take all three to fast-growing Asian markets, where the group is currently weak.

Cash call
He said the five-year business plan for the world’s number seven auto group presented in May did not envisage a cash call. “But all decision on any capital increase will be taken by the board of FCA at the end of October,” he said. He also confirmed the group’s full-year guidance for 2014, adding the US market was going “incredibly well”.

Targets to grow net profit fivefold and sales by 60 per cent within five years look ambitious, some analysts say, arguing that the company will have to raise capital to achieve them.

Fiat had €18.5 billion in cash at end-June, but almost €32 billion in debt. Its financing costs are high and margins are weakening. Fiat had so far ruled out asset sales and a share issue, but may go for a mandatory convertible bond.
SOURCE
 

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Chrysler Group Announces Manufacturing Appointment

Chrysler Group Announces Manufacturing Appointment


October 7, 2014 , Auburn Hills, Mich. -



Chrysler Group LLC today appointed Brian Harlow Vice President - Head of NAFTA Manufacturing. In this position, Harlow is responsible for all assembly, stamping and powertrain manufacturing operations in the U.S., Canada and Mexico, as well as implementation of the World Class Manufacturing system at all Chrysler Group manufacturing facilities. The appointment is effective immediately.

Harlow was most recently Global Head of Powertrain Manufacturing Engineering and Vice President and Head of NAFTA Powertrain Operations. He was responsible for all Powertrain facilities in the U.S. and Canada, and included Fiat and Chrysler global responsibility for Powertrain Manufacturing Engineering.

He joined Chrysler Corporation in 1978 as a plant engineer at the Kokomo Transmission Plant (Ind.), and since has held a series of various manufacturing positions of increasing responsibility.

Harlow replaces Mauro Pino who was named Head of Manufacturing for the LATAM region.
 

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Fiat Chrysler Automobiles NYSE Banner Raising



Fiat Chrysler Automobiles NYSE Banner Raising



Published on Oct 13, 2014

Unfurling of FCA banner on the front of the New York Stock Exchange to mark the start of trading of FCA shares on October 13, 2014.
 

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Fiat Chrysler Automobiles NYSE Opening Bell



Fiat Chrysler Automobiles NYSE Opening Bell

Published on Oct 13, 2014

Video of first trades of Fiat Chrysler Automobiles shares on the New York Stock Exchange, Oct. 13, 2014
 

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Fiat Chrysler Moves to NYSE in Challenge to Detroit Two

Fiat Chrysler Moves to NYSE in Challenge to Detroit Two


10/13/2014

DETROIT — Shares of Fiat Chrysler Automobiles jumped as the market opened Monday, but fell in the morning and were nearly flat at midday after making their debut on the New York Stock Exchange.

The newly merged company's stock, traded under the symbol FCAU, opened at $9 and rose quickly to $9.55 before falling to $8.91, or 1 percent in morning trading. By midday, however, they recovered to $8.99, down just a penny.

The company began trading in New York to raise its profile and give U.S. investors a chance to own part of the Chrysler comeback story. The stock will also trade in Milan, Italy.

"FCA's listing marks the hard-won arrival at a destination," Sergio Marchionne, CEO of both companies, said in a statement. He and Chairman John Elkann are scheduled to ring the closing bell at the NYSE to commemorate the first day of trading. "Today marks the beginning of our journey as one global automaker, one FCA," the statement said.

Chrysler is now profitable, driven by a rebound in U.S. sales, five years after a trip through bankruptcy and

Read more here: DETROIT: Fiat Chrysler bounce around in 1st day on NYSE | Business | The News Tribune
 

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Fiat Chrysler Automobiles NYSE Closing Bell and Photo Op



Fiat Chrysler Automobiles NYSE Closing Bell and Photo Op


Published on Oct 13, 2014

Video of Sergio Marchionne, CEO Fiat Chrysler Automobiles and John Elkann, Chairman Fiat Chrysler Automobiles, ringing the closing bell at the New York Stock Exchange. Plus video of post event photo opportunity.
 

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Fiat Chrysler Automobiles NYSE Press Conference



Fiat Chrysler Automobiles NYSE Press Conference


Published on Oct 13, 2014

Video of Sergio Marchionne, CEO Fiat Chrysler Automobiles and John Elkann, Chairman Fiat Chrysler Automobiles, New York Stock Exchange Press Conference
 

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Discussion Starter #99

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FCA Announces Management Change

FCA Announces Management Change


October 28, 2014 , London -



Fiat Chrysler Automobiles (FCA) today named Mark Chernoby Head of Quality. Chernoby continues his current responsibilities as Chief Operating Officer Product Development. The appointment is effective immediately.

Chernoby replaces Doug Betts who left the Company to pursue other interests.

About FCA
Fiat Chrysler Automobiles N.V. (FCA), the seventh-largest automaker in the world based on total vehicle sales in 2013, is an international automotive group engaged in designing, engineering, manufacturing, distributing and selling vehicles and components and production systems. FCA is listed on the New York Stock Exchange and on the Mercato Telematico Azionario under the symbol “FCAU.”
 
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