Posted: July 25, 2010 Chrysler CEO: Stock move to come in 2011 Marchionne talks shop at gala honoring Iacocca BY GREG GARDNER FREE PRESS BUSINESS WRITER
"I want a full year of financial results," Marchionne said during an event at the Walter P. Chrysler Museum in Auburn Hills. "It also depends on how quickly and successfully GM's stock offering goes." GM is expected to release information next month in the first step toward selling shares to investors. The process will allow the U.S. government to start reducing its 60.8% stake in the company. Marchionne was attending a gala for the museum honoring former Chrysler CEO Lee Iacocca, NASCAR legend Richard Petty, "Tonight Show" host Jay Leno and the late Virgil Exner, Chrysler's design chief from the 1950s and 60s. Chrysler is expected to report its second consecutive pretax profit Aug. 9. But the automaker is only beginning a makeover of its product lineup, which began with the 2011 Jeep Grand Cherokee and will eventually include more than a dozen redesigned or upgraded models in the next 18 months. Marchionne, forgoing a suit and tie as always, greeted the honorees, as well as Ford CEO Alan Mulally and newly elected UAW President Bob King. He commended Mulally and Ford for its $2.6-billion second-quarter profit and strong sales. "I'm very impressed with what Alan has accomplished," Marchionne said. Marchionne also said GM's announced $3.5-billion acquisition of AmeriCredit is good for Chrysler because it frees Ally Financial, formerly GMAC, to grow its auto financing operations with Chrysler dealers and customers. Iacocca did not participate in a news conference prior to the gala, which was also organized to help promote and expand the museum's collection of cars and technology from Chrysler's 85-year history. Leno, who owns about a dozen classic Chrysler models in his 115-car collection, said Detroit automakers are beginning to win back respect -- even from show-business types who gravitate toward European or Asian luxury cars. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
