Word: fiat
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Dates: during 2000-2009
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...Group LLC postponed the annual press preview of new cars at its proving ground near Chelsea, Mich. - all part of the production stoppage while the company waited out bankruptcy proceedings. But even during that downtime, Chrysler's American engineers and designers were busily exchanging notes with their counterparts at Fiat, just as they have been doing for the past six months...
Marchionne's most interesting challenge is that Chrysler's new owners, postbankruptcy, are his employees - the United Auto Workers, which holds a 55% stake through its retiree trust fund. His other bosses include the U.S. and Canadian governments, which hold 8% and 2%, respectively. Fiat will start with a 20% stake, which could reach 35% if Chrysler succeeds. "Politics and unions are Marchionne's biggest risks," says Carnevale. "Having politicians on the board of directors will require very complex management...
...what's his strategy? Marchionne is likely to hew closely to the playbook he used to revive Fiat. On June 10, the day Fiat sealed the deal, he announced a thorough organizational revamp. From now on, each of the four individual brands - Chrysler, Jeep, Dodge and Mopar (which makes parts) - will be distinct business units responsible for profit and loss. He also reached deep into the ranks, bypassing the engineers and putting a younger, energetic generation of managers with marketing experience in charge of the brands. "That's a mirror image of what he did at Fiat," says a longtime...
...Marchionne gets mirror results, he'll make two governments and a union very happy. Fiat's auto unit, after 17 consecutive quarters of losses, finally turned a profit in 2005. The time to market for its cars has dropped from four years to 18 months...
...first memo to Chrysler employees, Marchionne talked about that record. "Five years ago, I stepped into a very similar situation at Fiat. It was perceived by many as a failing, lethargic automaker that produced low-quality cars and was stymied by endless bureaucracies," he wrote. Giving his version of the turnaround - hard work, tough choices, heavy investment and a culture "where everyone is expected to lead" - he promised that "we can and will accomplish the same results here." Even if Fiat doesn't become the next Apple, everyone from the President to the survivors on the Jeep shop...