BALOCCO, Italy – Fiat Chrysler CEO Sergio Marchionne has told investors that he expects Fiat will reach zero debt by the end of this month, and maintained a promise to wear a tie to make the announcement.
The 65-year-old Italian-Canadian manager is famous for unfailingly wearing navy blue cashmere sweaters and never a tie, no matter the event. But as he announced the approach of the zero-debt milestone, Marchionne unzipped a knit cardigan to reveal a blue tie -- the first, he said, he has worn in a decade.
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Marchionne said debt is "a legacy that has dogged both Fiat and Chrysler for decades," and that erasing it "is a fundamental change in how this company is perceived. It is a significant milestone in the process of healing of a structural weakness."
The CEO said that the day-long presentation of a new business plan would focus on Jeep SUVs, Ram trucks and premium brands Maserati and Alfo Romeo. He said: "these brands comprise the most significant part of our revenues."
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