Fiat-Chrysler's Marchionne Steps Down from Bank Board
By Michelle Krebs September 29, 2009Fiat CEO Sergio Marchionne apparently has figured out his plate is full running both Fiat 
and Chrysler as he has decided not to run for re-election to the board of directors of UBS AG, Switzerland's largest bank.
Marchionne was elected to the bank board in 2007 and appointed independent vice chairman in 2008. The credit crisis prompted UBS to write down or write off in loss $53 billion, the most of any European financial institution.
Marchionne is spending half of his time in Chrysler in Detroit and half at Fiat's Turin, Italy, headquarters. He has promised a five-year plan for Chrysler by November. It apparently includes refreshing much of Chrysler's current line in the next 18 months and extending the life of at least one plant previously scheduled for closure.
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That's a shame actually. Marchionne is going to need some sweet banking rates to fund this collosal project of his.
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