Page last updated at 08:49 GMT, Thursday, 7 May 2009 09:49 UK

Marchionne to be Chrysler chief

Sergio Marchionne
I will become Chrysler CEO
Sergio Marchionne, Fiat Group chief executive

Sergio Marchionne, the chief executive of Fiat Group, has said he will also become chief executive of Chrysler once it emerges from bankruptcy protection.

The troubled US automaker filed for bankruptcy last week.

Fiat is taking an initial 20% stake in Chrysler, part of Mr Marchionne's plan to create a global automotive giant.

Fiat is also eyeing the foreign operations of General Motors, including its Opel and Vauxhall marques in Europe and its Latin American operations.

Taking the lead

Chrysler's current chief executive Bob Nardelli will stay in his job during the bankruptcy proceedings, which are expected to last until late June.

"Chrysler is on track to re-emerge from bankruptcy in 60 days," Mr Marchionne said.

"I will become Chrysler CEO after that."

Six of Chrysler's new board of directors will be appointed by the US government, with Fiat naming the remaining three members. A chairman has yet to be named.

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