Finally! Fiat has announced that the final hurdles have been cleared for its merger with Chrysler and its shares should begin trading on the New York Stock Exchange on Monday. The Detroit News notes that this will be the first time the public will be able to buy into a Chrysler entity since 2007 when it was owned by Daimler.
The man behind that merger, Fiat CEO Sergio Marchionne, announced that he will step down in 2018. His comments came in an interview with Bloomberg Businessweek. By 2018, Marchionne will have completed the five year turnaround plan to combines Fiat and Chrysler. He is the longest serving CEO of any European automaker. Marchionne said he will do something else when he leaves, but will not get involved in any future merger activity saying he is willing to let the “young punks do it.” Marchionne, since taking over Fiat back in 2004, has tripled its revenue and operating profit and he believes his job may be taken over by more than one person. Now the speculation can begin on who will succeed him. Think they will interview Alan Mulally?
And a nice catch for Bloomberg BusinessWeek.
Honda has released a “design sketch” of the Ridgeline pickup that it says will come to market in less than two years. It is being designed and developed by Honda at its R&D centers in Los Angeles and Ohio. Whatever changes the Ridgeline gets are likely to be echoed in a revamped Pilot.