Chrysler to Continue as an American Corporation

Chrysler Group LLc will retain its American “pedigree”, even after it fused with the Italian automaker, according to CEO Sergio Marchionne. The details of the operational merger will be announced in a few days, giving the factthat Marchionne needs to take the final decisions about which executives he will tap to lead the four regions and the key functions of both automakers.

Marchionne said that he will make those decisions based on talent, not rationality. He said that Fiat will not make the same mistakes which Daimler AG made, in trying to impose its culture when the two companies merged.

"The way in which Chrysler is managed fully reflects the American nature of that house, and we have absolutely no intention of screwing with that. It's at the heart of the success of Chrysler so far, and I think it will be at the heart of its success going forward. I don't want to change that — ever." Sergio Marchionne was quoted as saying by TheDetroitNews.

On Tuesday, the two manufacturers reported their first consolidated financial results. The combined sales figure Fiat-Chrysler group reported a EUR1.2 billion ($1.8 billion) profit for the second quarter, up from a deficit of EUR17 million(approx $24,5million) of the same period in 2010.

The Italian manufacturer Fiat curently owns 53.5 percent of Chrysler and it is set to acquire another 5 percent from the U.S. government this year. Marchionne is set to rise Fiat’s stake up to 70 percent, and also mentioned that initial public stock offering will not occur for at least one year.