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Fiat shareholders approve demerger plan

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Fiat shareholders approve demerger plan

by Jonathon Ramsey (RSS feed) on Sep 19th 2010 at 12:35PM

Sergio Marchionne got his way. This week, shareholders approved his plan to separate Fiat S.p.A. into Fiat Autos and Fiat Industrial. Marchionne believes that the two companies can work better without having to consider each others' divergent strategies. "Fiat Group Automobiles is destined to become, in combination with Chrysler, a leading global producer, reaching the threshold of 6 million cars a year by 2014," he said.

Nothing is expected to change at Fiat Auto S.p.A., with Marchionne retaining his CEO status. Fiat Industrial S.p.A., however, will put its own management in place under two two leaders: a CEO for Case-New Holland (CNH) and another for Iveco, the commercial truck brand. Marchionne will assume the role of chairman of Fiat Industrial, and he expects a 50% growth in revenue for that side by 2014, compared to a doubling of revenue on the auto side.



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