David Rosenthal: commitment

Transcript context

…And Stellantis is the name for the merger between Fiat Chrysler Automobiles and Peugeot. Peugeot. The French company. Yeah. One of those French car companies that, you know, we're not going to make an episode about. So as everything is stabilizing at Fiat and returning to success in 2010, Luca steps down from the Fiat chairmanship and returns solely full-time to Ferrari. John Elkann assumes the Fiat chairmanship. Then he's now ready to, you know, be the steward and heir of the Agnelli family and work with Sergio in running the Fiat empire. But there is one cost to taking over Chrysler, which was that But in doing so, Fiat had to assume Chrysler's debt, including about $5.5 billion that it owed the US and Canadian governments for the bailout. Hmm. So when this happens, the combined debt load for FCA, Fiat Chrysler Automobiles, balloons up to over $11 billion. Fiat announces to Wall Street as part of the merger, though, Sergio does, hey, we've got a plan. And we are going to reduce that from over $11 billion to $1 billion or less over the next 4 years by 2018. So they are forecasting a lot of cash flow that, hey, this business is going to be great, super profitable. We're going to eliminate $10 billion of debt.…

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