Marchionne will be new Chrysler boss

Fiat boss Sergio Marchionne will be the new CEO of Chrysler, the company has confirmed.

Marchionne, who successfully brought Fiat back into profit in 2005 after years of losses, will take over at the Chrysler helm when it emerges from bankruptcy.

"Chrysler is on track to re-emerge from bankruptcy in 60 days," said Marchionne. "I will become Chrysler CEO after that."

Current Chrysler boss Bob Nardelli is due to stay in the post until June, although company president Thomas LaSorda, who has been responsible for much of the work with Fiat, has announced that he will resign before that.