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Fiat-Chrysler CEO To Stay At Least Through 2016

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MARCHIONNE
Sergio Marchionne, chief executive officer of Fiat SpA, speaks to employees on the company's Ducato production line at the SevelSud van manufacturing plant, jointly operated with PSA Peugeot Citroen, in Val Di Sangro, near Atessa, Italy, on Tuesday, July 9, 2013. Fiat and PSA Peugeot Citroen plan to invest more than 700 million euros ($900 million) on new delivery vans over five years to cut costs as they replace aging models. Photographer: Alessia Pierdomenico/Bloomberg via Getty Images | Bloomberg via Getty Images

DETROIT (AP) — Fiat's chairman says CEO Sergio Marchionne will lead a merged Chrysler and Fiat at least for the next three more years.

John Elkann told reporters at the Detroit auto show that he has a deal with Marchionne to stay at least through 2016.

Italian automaker Fiat SpA announced Jan. 1 that it reached a deal to acquire the remaining shares of Chrysler for $3.65 billion from a union trust fund.

Elkann says Marchionne built the two companies into one and will forge them into a strong company together.

Marchionne says the Fiat board will discuss where to locate the new company at its meeting on Jan. 29. Fiat SpA is headquarted in Turin, Italy, while Chrysler is in Auburn Hills, Mich.

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