Fiat Completes Chrysler Purchase: New Chrysler hits ground running

The group led by Fiat S.p.A. finalized its purchase of Chrysler LLC today, leading that company out of bankruptcy. Brushing aside the U.S. Supreme Court drama of the past few days, the new owners launched the Chrysler Group LLC headed by Fiat CEO Sergio Marchionne.

Marchionne wasted no time in announcing his transition team and details of a new brand structure similar to that at Fiat. Former Chrysler President Jim Press is now Deputy CEO, serving as a special adviser to CEO Marchionne. Press came to Chrysler in 2007 from Toyota Motor Corp.

In the appointment of four executives to head up the Chrysler, Dodge and Jeep brands plus parts and service unit Mopar, Marchionne departed from the old Chrysler structure. Fiat Group Automobiles' three brands - Fiat, Alfa Romeo and Lancia - each have individual executives, and Chrysler Group is adopting the same structure.

Former Chrysler business center director Peter Fong will be in charge of Chrysler, responsible for the brand's profit and loss. To keep Fong in the overall corporate loop, he is also charged with Jeep and Dodge sales.

Similarly, Michael Manley, now president and CEO of Jeep, is also handling product planning for all three brands. Michael Accavitti is the new president and CEO of Dodge plus marketing chief for all brands. Mopar Service and Parts will be headed by former Fiat executive Pietro Gorlier who is also charged with customer relations for all Chrysler Group brands.

Former Chrysler CFO Ron Kolka is charged with winding down the remains of the old Chrysler still in bankruptcy. Kolka's replacement is Fiat CFO Richard Palmer. Scott Kunselman is the new senior vp of product engineering, replacing Frank Klegon who is retiring. Steven Landry who headed up North American sales, service and parts is also retiring.

Peter Grady will head up Chrysler Group's dealer network which is in turmoil following the announced termination of 789 franchised dealerships.

Readers might find it instructive to revisit the terms of the original bankruptcy filing, particularly with regards the new ownership structure.

There's a new Chrysler today.