Fiat-Chrysler CEO to stay at least through 2016

Fiat-Chrysler CEO to stay at least through 2016
Fiat and Chrysler CEO Sergio Marchionne
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.