Fiat-Chrysler chief Sergio Marchionne is reportedly planning to step down on completion of the merging group’s current five-year strategic plan in 2018.
Bloomberg reported that Marchonne, 62, made the remarks in an interview with Bloomberg Businessweek magazine.
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“I am not going to do any more turnarounds. I’m done; let some of the young punks do it,” he told the magazine.
His current goal is to boost Fiat Chrysler Automobiles net income by around five times to around EUR5bn in 2018 as well as an overhaul of the group’s product portfolio and brand strategies.
The Bloomberg report said that Marchionne’s role may be split among more than one executive.
The formal merger between Fiat and Chrysler is expected to become effective on October 12, 2014 and FCA common shares are expected to commence trading on the NYSE and on the MTA on Monday, October 13, 2014.
The last day of trading of Fiat ordinary shares on the MTA, Euronext France and Deutsche Börse is expected to be Friday, October 10, 2014.
