Fiat Denies Wants Ex-Ford CEO For Fiat Auto Rescue - Why Would They?

FRANKFURT -Dow Jones is reporting that Italian carmaker Fiat SpA Friday denied a report saying it may be about to hire former Ford Motor Co. chief executive Jacques Nasser to help steer the company back to profitability.

Fiat has no plans to hire Nasser, a Fiat spokesman said, referring to a report in the Sydney Morning Herald newspaper in Australia.

Nasser was spotted walking around Fiat's Turin headquarters several times over the past few weeks, the newspaper said.

Nasser was ousted from his post at Ford last October as the company's sales and financial situation soured. The image-damaging crisis two years ago involving Bridgestone/Firestone Inc. tires mounted on to Ford Explorers was widely considered to have been a catalyst for his departure.

Fiat is struggling to restructure and turnaround Fiat Auto, but car sales continue to plunge. If it fails to restore Fiat Auto's financial health by 2004, Fiat is likely to sell the auto division to General Motors Corp. , Italian and French newspapers reported this week, based on an interview with Fiat Chairman and Chief Executive Paolo Fresco.

Fiat has an option to force GM to buy the 80% of Fiat Auto that GM doesn't already hold, between 2004 and 2009.

Company Web site: http://www.fiatgroup.com