Sergio Marchionne, Chairman and Chief Executive Officer of Chrysler Group LLC and Chief Executive Officer of Fiat S.p.A. on Monday said he wants to simplify the company’s share structure in a couple of years, and to move its headquarters and stock listing in the U.S.
At this moment, Fiat Industrial is based in Italy and has a stock market listing in Milan.
In addition, the executive said that IVECO, the Italian truck, bus, and diesel engine manufacturer, based in Turin was an asset that could be sold, according to a report by Bernstein Research, which said it had an interview with Marchionne on Nov. 21.
Last time, when Marchionne hinted that FIAT headquarters might be moved in the United States, Italy’s Industry Minister Paolo Romani said in an interview that Fiat “must remain an Italian multinational.”
He also went on to state that Turin must not only remain the company’s headquarters, but also remain the center for planning and strategic decisions.
In addition, Turin mayor Sergio Chiamparino also said that a move of Fiat’s headquarters to the United States would be unacceptable.
Fiat has been steering Chrysler since it emerged from bankruptcy in June 2009, gradually increasing its share of the No. 3 U.S. automaker to 53.5% after buying out a stake held by the U.S. Treasury.
Fiat SpA’s five car factories in Italy are all in the red and its profits now driven squarely by U.S. affiliate Chrysler.