![]() 15 slashed its earnings outlook for 2006 as its U.S. "When he arrived at Fiat, Marchionne found a disastrous situation, so his first industrial plan was very defensive," said Banca Akros' Gasparri.įiat's return to the black is all the more spectacular, coming as it has with car companies throughout Europe in the doldrums. As a result, Italians are slowly regaining confidence in a national icon. ![]() Standard & Poor's in August lifted its credit rating on the group by one notch. The share price has doubled in the past 12 months and outperformed the broader Italian market by 56% so far this year. Marchionne also gave new meaning to the Italian phrase "cleaning the piazza," or cleaning house, by laying off workers and managers and injecting new life into models that had grown dull. Further capital was added last year by the conversion into shares of 3 billion euros ($3.76 billion) lent by a consortium of Italian banks. ![]() ![]() To pay it $1.55 billion to exit contracts. His first major success was convincing General Motors Sergio Marchionne, known as an aggressive executive and turnaround expert, took drastic action to salvage the company, which was on the verge of bankruptcy. It was only with the appointment of a new chief executive in June 2004 that the fortunes of the Turin-based manufacturer began to turn.
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