Yesterday, Fiat CEO Sergio Marchionne penned a letter to Fiat SpA employees describing the news that Fiat now has a controlling interest in Chrysler. In the letter, he describes his vision of the future, where the two companies grow as one and become not the biggest, but the best.
Below is the letter:
"I am writing to you all because today is an important day for Fiat, as well as for Chrysler.
This morning, our American partner repaid in full the loans it received from U.S. and Canadian governments after emerging from bankruptcy protection less than two years ago.
Those loans not only gave Chrysler a second chance to demonstrate its full potential, but they also represented an act of faith in our alliance, in the ability of Fiat and Chrysler to create something better and lasting.
Over the past few months, our American partner has achieved a remarkable turnaround that has enabled it, in a very short space of time, to reshape its destiny: it has returned to financial health, reporting a net profit for the first quarter this year; it has renewed its product portfolio and it is once again achieving growth in all markets.
Today, a day in which Chrysler has delivered on its promise – repaying not only the credit lines but also the trust placed in it – an important chapter has closed and a new chapter is beginning for our alliance.
Fiat's acquisition of a controlling stake in Chrysler is simply a financial and technical formality.
What is significant is that we can now accelerate our project to create a global automaker determined to position itself as a leader in the industry.
The moment could not be more important.
We are at the threshold of a unique transformation.
All the conditions are in place for us to accelerate and consolidate the industrial integration of our two groups within the next few months.
As a painter will tell you, every painting – even the greatest masterpiece – begins with splashes of color on a canvas. Giving life to a piece of art is much more a question of inspiration, passion and vision, than just technical skill.
The Fiat-Chrysler alliance is still in its infancy.
Most of the paint is still on the palette and we still have much work ahead of us.
When two enterprises integrate, they share everything.
Industrial resources and know-how, projects and targets, challenges and ambitions.
But the most important thing is that they share a common spirit and values.
The values I am referring to are integrity, dedication, the ability to maintain promises, transparency and respect, as well as rigor, reliability and passion.
These are the values upon which we began rebuilding Fiat seven years ago and it is important today, more than ever, that we continue to nurture those values. Chrysler has embraced those very same values and they are now an integral part of the corporate philosophy of both organizations.
We have the responsibility and privilege that go along with being part of such a worthy undertaking, a project that will require maximum commitment from everyone to become a reality.
We are in the process of creating an auto group that is both stronger and more competitive.
A group capable of guaranteeing its people a more certain and challenging future, where the exchange of cultures and know-how will be a source of professional and personal growth.
We need to embark on this journey with shared aspirations and a shared vision of what we want the business to become. Not the biggest, just the best!
My best personal wishes to you all as we continue to work toward this worthy goal."
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