Fiat/Chrysler CEO Sergio Marchionne steps down from UBS bank board
Sergio Marchionne with fellow board members at a UBS press conference
Sergio Marchionne is one of the busiest people in the business. Or any business, for that matter. After comprehensively restructuring his empire – what amounts to nearly the entire Italian automobile industry and then some – he lost his right-hand man to Volkswagen. But that didn't stop him from taking over at Chrysler's headquarters and tendering bids on other automakers as well, all the while battling the bureaucracy to get it all done. But everyone's got their limits, even Marchionne, so it should come as no great surprise that the Fiat and Chrysler chief executive has announced his resignation from the board of directors of Swiss bank UBS.
The Italian industrialist, however, wasn't just filling an empty seat on the UBS board. He was elected two years ago and named vice chairman last year. In fact, he was reportedly considered as a potential chief executive for the financial firm earlier this year. But while he may be up to taking the reins of one industry in shambles, he's not looking to take on two. Neither, incidentally, is Shell CEO Peter Voser, who is also stepping down from the UBS board.
[Source: Automotive News – Subs Req'd | Image: Sebastian Derungs/AFP/Getty]
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Reader Comments (Page 1 of 1)
Gary Lowe 8:37AM (9/30/2009)
It's interesting that the US is so devoid of talent in the auto industry. Ford's survival depends on a Boeing CEO. GM is consigned a bureaucrat from AT&T who knows nothing about cars is likely to prove it and of course there was the MercedesCerebusHomeDepotUSGovernmentChryslerCorporation.
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DJ 9:26AM (9/30/2009)
Sergio Marchionne has dual Canadian and Italian citizenship.
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jamie 11:50AM (9/30/2009)
Sergio Marchionne is a brilliant entrepreneur.
I don't always agree with his tactics, but he always comes through in the clinch.
Now, methinks he might be stepping down from UBS, so that he can negotiate major financing for Fiat/Chrysler, and not be accused with conflict of interest.
His Chrysler plan is starting to gel, and future financing is a big consideration to maintain his projected plans for the brand. He already has great credibility with UBS, and therefore is likely to hit them up for a loan. Because of this high profile credibility, he is likely to succeed there also.
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Jay 5:18AM (10/02/2009)
Sure, Busy,Busy,Busy! or could it have something to do with this?
http://www.forbes.com/2009/09/24/switzerland-tax-haven-markets-equities-oecd.html
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