GM's Not Out of Fiat's Deep Water Yet
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| Fiat's latest co-CEO Alessandro Barberis began his career at Fiat's foundries and then gained experience at Magneti Marelli, Fiat's components unit. He also put in time at legendary scooter manufacturer Piaggio. |
In Wednesday's news, Fiat CEO Resigns and New Restructuring Plans Announced, it was announced that a new restructuring plan would cancel General Motors' obligation to take the helm of Fiat Auto. While this plan is being discussed, recent news clarifies that GM isn't out of deep water yet.
The architect of the GM/Fiat deal Paulo Fresco, as it seems is on more stable ground after today's meetings. As reported yesterday, Fresco will stay on until April, but it isn't believed anyone will try to oust him prior to his 70th birthday in July of next year, when he is expected to retire according to his own statement to that effect.
After Gabriele Galateri resigned as CEO on Tuesday most felt Fresco would follow, but he came out defiant instead. He came out hard against his critics, especially Prime Minister Silvio Berlusconi, and said he was staying put until the aforementioned retirement date.