Tuesday, September 6, 2011

Marchionne shakes up Chrysler board

Chrysler Group LLC has re-arranged its board of directors with the appointment of a Canadian executive and an ad executive to replace three executives that have decided to resign. The board shake-up follows Fiat’s acquisition during the summer of a 52 percent stake in Chrysler as well as control of the Chrysler’s board and the right to appoint directors  of its choosing.
Leo W. Houle, the former chief talent officer at Bell Canada, Canada's largest communications company, from June 2001 until his retirement in July 2008. and John B. Lanaway,  former Executive vice president and chief financial officer for North America at McCann Erickson were appointed to its Chrysler board as independent directors, effective immediately.  Houle and Lanaway replace C. Robert Kidder, George F.J. Gosbee and Scott M. Stuart, who have elected to resign, the Chrysler Group said in a statement.
"It is with great pleasure that I welcome these respected and knowledgeable professionals to join our Board of Directors. Their leadership, insights and counsel will be invaluable in reinforcing our determination to achieve the financial targets outlined in our 2010-2014 Business Plan announced in November 2009," said Sergio Marchionne, CEO of Chrysler Group LLC, who was elected Chairman of the Board.
"I also want to extend my gratitude to George and Scott for their support in putting the Company on a solid path, and in particular to Bob Kidder, who provided a solid point of reference in the last two years as Chairman of our Company. I thank them for their efforts and I wish them well," Marchionne added.
"Repaying our governments' loans six years early and refinancing our debt reinforces our conviction that we are on the right path to rebuilding this Company and restoring it to its rightful place on the global automotive landscape within the framework of Chrysler's global alliance with Fiat," Marchionne said in a statement. By Joseph Szczesny


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