Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Officially Official: Chrysler exiting bankruptcy, Fiat steps in and makes changes immediately]]>http://www.autoblog.com/2009/06/10/fiat-completes-chrysler-acquisition-nardelli-steps-down-press/http://www.autoblog.com/2009/06/10/fiat-completes-chrysler-acquisition-nardelli-steps-down-press/http://www.autoblog.com/2009/06/10/fiat-completes-chrysler-acquisition-nardelli-steps-down-press/#commentsFiled under: , , , ,



Fiat now owns a big chunk of Chrysler. Officially. Soon after the Supreme Court gave it the go-ahead, the sale of Chrysler to Fiat was complete. Altogether, the deal took just 42 days. With a couple of signatures and a wire transfer Wednesday morning, the sale was official. Fiat gets most of Chrysler's assets and $6.6 billion in "exit financing" from the federal government.

This can be seen as a victory of sorts for the Obama Administration, which had hoped to get Chrysler reorganized quickly and efficiently. Supporters say that the new Chrysler Group LLC has a good chance of being more competitive out of the box, having shed much of its legacy labor costs and debt, and Fiat's expertise with small cars shouldn't hurt either.

Official statements by current Chrysler CEO Bob Nardelli and Fiat's Sergio Marchionne are pasted in after the jump. Nardelli congratulates employees on being a part of "a leaner, healthier and more robust company," and says goodbye at the same time. He will return to a position with Cerberus. Marchionne introduces himself as the new CEO, former Toyota exec Jim Press as Deputy CEO, and Robert Kidder as board chairman. He also promises that the world's sixth largest automaker will begin to show signs of improvement immediately.

In related news, the Obama Administration has announced the appointment of a new 'Compensation Czar' to oversee the salaries and benefits packages awarded to 175 major executives at seven of America's biggest companies that receive federal aid. According to the New York Times, Washington attorney Kenneth R. Feinberg will have "broad discretion" in determining what compensation packages executives are awarded, including the top 25 decision makers at General Motors, GMAC, Chrysler, and Chrysler Finance.

For its part, as it emerges from bankruptcy, Chrysler's union retiree trust (VEBA) will own 55% of the company, with Fiat getting a 20% share that can grow to a max of 35%. The U.S. and Canadian governments split the rest. If the Fiat-Chrysler deal is any indication, General Motors may see a quick exit from bankruptcy as well, even without a Fiat of its own to step in and help. Now they just need to get people into showrooms with cash in hand.

[Sources: Chrysler, The New York Times | Photo by Sean Gallup/Getty]

Continue reading Officially Official: Chrysler exiting bankruptcy, Fiat steps in and makes changes immediately

Officially Official: Chrysler exiting bankruptcy, Fiat steps in and makes changes immediately originally appeared on Autoblog on Wed, 10 Jun 2009 13:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bob Kidderbob nardelliBobKidderBobNardellichrysler llcChryslerLlccompensation czarCompensationCzarfiatfiat chryslerfiat spaFiatChryslerFiatSpajim pressJimPresskenneth feinbergKennethFeinbergrobert kidderRobertKiddersalary capSalaryCapsergio marchionneSergioMarchionneWed, 10 Jun 2009 13:28:00 EST<![CDATA[Microsoft ready to expand beyond Ford SYNC]]>http://www.autoblog.com/2008/02/20/microsoft-ready-to-expand-beyond-ford-sync/http://www.autoblog.com/2008/02/20/microsoft-ready-to-expand-beyond-ford-sync/http://www.autoblog.com/2008/02/20/microsoft-ready-to-expand-beyond-ford-sync/#commentsFiled under: , , , ,



It was just last month when we reported the announcement that Microsoft had taken Ford's SYNC to the next level. It was good news for Ford, and good news to consumers who apparently like the award-winning hands-free communication and entertainment system. Even with $395 price tag, SYNC was selling faster than Hanna Montana tickets at a middle school box office.

Ford isn't the only automaker using the Windows CE 6.0 based Microsoft Auto technology. Before Ford inked their deal, Microsoft had licensed the technology to the Italian automaker Fiat SpA. Now, as Ford's exclusive U.S. rights to the technology are set to end later this year, Microsoft is eager to bring other automakers on board. It shouldn't be a tough sell, as consumers are embracing technology-laden vehicles, and Ford's SYNC has proven to help sell cars.

[Source: Freep]

Microsoft ready to expand beyond Ford SYNC originally appeared on Autoblog on Wed, 20 Feb 2008 19:05:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Fiat SpAFiatSpaFordMicrosoft AutoMicrosoftAutoSynctechnologywindows CEWindowsCeWed, 20 Feb 2008 19:05:00 EST