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Chrysler names six new board directors

Executives may call the shots day-to-day at the world's leading automakers - much as they do at any other corporation - but the ultimate decision-making body remains the board of directors. And Chrysler has just named six new members to its board.
The appointments include Hermann Waldemer, the former CFO of Philip Morris International - the tobacco giant whose Marlboro brand has funneled untold billions into Ferrari as the Scuderia's title sponsor for decades, and on whose board Fiat-Chrysler CEO Sergio Marchionne sits. Waldemer replaces Doug Steenland, who came to the Chrysler board after Northwest Airlines (at which he served as CEO) merged with Delta, and whose term on the board expired just days ago.
In addition to the Waldemer appointment, Chrysler has expanded its board with five more seats, all filled by existing group executives. Among them are Reid Bigland (head of US and Canadian sales and of the Ram truck brand), Fiat general counsel Giorgio Fossati, human resources director Michael J. Keegan, Jeep CEO Michael Manley, and group CFO Richard Palmer.

Chrysler 300 diesel could get green light

Word has it Chrysler is keen to shove its new turbo diesel V6 into a range of models. Wards Auto reports Chrysler President and CEO Saad Chehab has made it clear the automaker is investigating the possibility of using the 3.0-liter oil-burner in the 300. While speaking at an Automotive Press Association luncheon, Chehab said, "It's a matter of how much the customer is willing to pay for that premium. That's the only issue with it."
The Chrysler 300 is sold as the Lancia Thema in Europe complete with a diesel of its very own, and since the Jeep Grand Cherokee is now available with the diesel V6 here in the States, it only makes sense that the engine could potentially show up on the 300 order sheet. Opting for the 3.0 V6 in the Jeep Grand Cherokee will set you back an additional $4,500, however.
Chehab also said the engine could make an appearance in the next-generation Chrysler 200, which is set to debut next year.

Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.