“In what surely ranks as one of the most remarkable turnarounds in the annals of American business history, (last) week Chrysler reported adjusted net income of $181 million and a 30 percent rise in revenue, to $13.7 billion, even in a still-soft global car market,” the New York Times said.
The Times noted Chrysler Group’s market share has grown to 10.6 percent from under 6 percent following its June sales report.
The Detroit News reported a new management structure for Fiat and Chrysler Group was announced.
The joint leader-ship structure is designed to “ensure speed, clarity of direction and unity of purpose,” Chrysler Group CEO Sergio Marchionne said. “When two enterprises integrate, they share everything: industrial re-sources and know-how, projects and targets, challenges and ambitions.”
A Detroit Free Press article asked: Why should we think the merger-in-progress of Chrysler and Fiat will work out any better than the ill-fated marriage of Daimler and Chrysler? Or any better than the purchase by private equity outfit Cerberus, which ended in bankruptcy and bailout?
Dan Knott, Chrysler’s top purchasing executive put it like this, the paper said. “When I need a decision from Sergio, it comes at lightning speed, where before it would take months.”
Maybe this time it really will be a “Merger of Equals,” columnist Dan Howes of the Detroit News wrote.
This time it feels different because it is different, Howes added. “Chrysler may actually have a leadership team with the confidence to respect its capabilities, the vision to see its possibilities and the maturity to know the difference,” Howes wrote.
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