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菲亚特掌门人出手,克莱斯勒起死回生
 作者: Alex Taylor III    时间: 2011年07月28日    来源: 财富中文网
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历经两年的艰苦努力,克莱斯勒(Chrysler)和菲亚特(Fiat)的合并终成正果。
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    周二,克莱斯勒将像凤凰一样从破产的边缘浴火重生,在新的全球汽车制造业联合中成为菲亚特的重要合作伙伴。很大程度上,这两家公司的生机和活力得益于一个人的远见卓识:那就是塞尔吉奥•马尔基翁。只有他看到了合并的好处,并力排众议,成功重组了克莱斯勒。

    这是一项非凡的成就。短短两年前,克莱斯勒还命悬一线,存亡取决于美国总统的赞成或反对票。据史蒂芬•拉特纳在《大检修》(Overhaul)中的报道,总统奥巴马反对其部分经济顾问的建议,下令向克莱斯勒提供足够的贷款助其维持运营。

    在国家经济极其脆弱的时期,总统的这一举措保留了克莱斯勒38,500个直接工作岗位,也保留了克莱斯勒供应商和经销商提供的成千上万个就业机会。或许这些工作机可以在别处进行重新分配,但是过程必然十分麻烦。马尔基翁接手后,克莱斯勒对新设备进行了30亿美元的投资,额外创造了2,000个就业机会。

    克莱斯勒已还清所有政府贷款,并于上周根据马尔基翁的指示,购回了美国和加拿大政府持有该公司的剩余股票。本次交易对克莱斯勒的估值为83.3亿美元。这与戴姆勒在1998年为收购克莱斯勒支付的390亿美元相去甚远,但与Cerberus资本管理公司2007 年收购克莱斯勒时的花费大致相当,远超破产的克莱斯勒本应大幅折价后的价格。

    7月26日,马尔基翁将透露他对公司的未来的规划。他传递的信号表明,变革将涉及公司的会计核算、管理和治理等众多领域。

汽车业:2011 年的赢家和输家

    随着第二季度的结束,克莱斯勒的财务业绩和资产负债表将与菲亚特合并。马尔基翁的目标是,至 2014 年,合并后的公司收入达到1,400 亿美元——在2010年约920 亿美元的基础上实现大的飞越。

    马尔基翁还宣布,他希望通过对25名高管的任命对两家公司的管理进行整合。这一举措不仅会将马尔基翁的直接下属削减一半,还会是规模经济的实现变得更加容易。

    并且,他有望剔除克莱斯勒董事会中六位由政府指派的成员,从而加快公司的决策过程。

    目前,克莱斯勒已在合并中取得先手。分析师预计,在周二宣布结果时,这家底特律汽车制造商的经营利润将是菲亚特的2.5倍。由于吉普(Jeep)汽车的带动,克莱斯勒 2011 年上半年在美国的销售额上升了21%,而菲亚特同期在欧洲的销售额则下降了12.7%。

    克莱斯勒销售额的激增并非来自低价销售。专业汽车网站Edmunds.com的资料显示,克莱斯勒六月份销售每辆汽车的奖励支出为3,768 美元,而这一做法的先驱福特(F,财富 500 强)在其新型小轿车全线火热上市时每辆车的奖励支出也仅为 3,647 美元。

    马尔基翁在克莱斯勒计划中未明确的是首次公开募股的时间。上市计划原本预计在今年下半年进行,现在看来已经无限期延后。马尔基翁曾在六月份告诉媒体:“我们需要更持久的业绩表现,同时或许也需要等待股市进一步向好。”

    另一个问号主要围绕阿尔法•罗密欧汽车重返美国的问题,汽车网站Alfistas对这一举动早有预测,而且它对马尔基翁的长期计划至关重要。马尔基翁最近将其回归推迟至 2013 年,原因显而易见,他对该品牌车型处子秀的设计不太满意。

    马尔基翁即将开启与美国汽车工人的合同谈判,这将是一个巨大挑战。《底特律新闻》(The Detroit News)周六报道称,克莱斯勒将不会签署包括生活费用调整或类似自动增加工资等条款在内的任何合同。依其行事风格来看,预计马尔基翁将亲自参与谈判。

    鉴于马尔基翁在克莱斯勒取得的成功,他现在完全有资格跻身独立高管的名人堂,与尼桑(Nissan)的卡洛斯•戈恩和福特(Ford)的艾伦•穆拉里平起平坐,他们都使濒临破产的汽车企业起死回生。或许,本地的汽车业人士也能够从他们身上学到些什么。

    On Tuesday, Chrysler will emerge phoenix-like from the fires of bankruptcy as a vital partner of Fiat in a new global auto manufacturing alliance. To a remarkable extent, the vitality and strength of the two companies is the result of the vision and energy of one man: Sergio Marchionne. He alone saw the benefits that would come from a merger and then overcame enormous skepticism to rebuild Chrysler and make it possible.

    It is an effort that is all the more remarkable when you remember that just two years ago, Chrysler's survival hung on a thumbs-up or thumbs-down vote by the president of the United States. As reported by Steven Rattner in Overhaul, President Obama went against the advice of some of his economic advisers and ordered that Chrysler be advanced enough money to stay afloat.

    The President's actions preserved 38,500 direct jobs at Chrysler and hundreds of thousands more at suppliers and dealers at an especially fragile time for the nation's economy. Those jobs may have eventually been redistributed elsewhere, but the process would have been messy. Since Marchionne took over, Chrysler has created 2,000 more jobs by investing $3 billion in new facilities.

    Chrysler has paid back all its government loans, and last week under Marchionne's direction it bought the remaining shares held by the U.S. and Canadian governments. The deal values Chrysler at $8.33 billion. That's a far cry from the $39 billion Daimler paid for Chrysler in 1998 but roughly what Chrysler cost Cerberus in 2007 and a lot better than the pennies on the dollar that a bankrupt Chrysler would have brought.

    Tomorrow, Marchionne will reveal more of his future plans for the company. He's already signaled that changes will be coming in accounting, management, and governance.

Autos: 2011's winners and losers

    With the close of the second quarter, Chrysler's financial results and balance sheet will be integrated with Fiat's. Marchionne aims to have the combined companies generate revenue of $140 billion by 2014 -- a big jump from the roughly $92 billion they did in 2010.

    Marchionne has also declared his intention to merge the management of the two companies with his 25 top executives. Besides cutting the number of his direct reports in half, the move should make it easier to realize economies of scale.

    And he is expected to replace the six government appointees on Chrysler's board of directors, which should allow him to move faster in decision-making.

    Right now, Chrysler holds the upper hand in the merger. When results are announced on Tuesday, analysts expect the Detroit automaker's operating profit will be two and a half times Fiat's. Led by Jeep, Chrysler's U.S. sales rose 21% in the first half of 2011, while Fiat's European sales fell 12.7% in the same period.

    Chrysler's sales surge has not required fire sale prices. According to Edmunds.com, Chrysler's incentives spending in June was $3,768 per vehicle sold, while much-heralded Ford (F, Fortune 500), with a lineup of supposedly hot new small cars, was $3,647 per vehicle sold.

    One part of Marchionne's Chrysler plan that isn't on schedule is an initial public offering. Originally expected in the second half of this year, it now appears to have been put off indefinitely. "We need an additional track record of performance and probably a better equity market than I'm seeing today," Marchionne told reporters in June.

    Another question mark revolves around the return of Alfa Romeo to the U.S., a move long anticipated by Alfistas and vital to Marchionne's long-term plans. He recently pushed it back another year to 2013, apparently because he wasn't happy with the design of the debut model.

    Marchionne faces an upcoming challenge with the opening of contract negotiations with the United Auto Workers. The Detroit News reported on Saturday that Chrysler will not sign any contract that includes cost-of-living adjustments or similar automatic pay increases. As is his style, Marchionne is expected to directly involve himself in the talks.

    Given his success at Chrysler, Marchionne now deserves to join the pantheon of outsider executives alongside Nissan's Carlos Ghosn and Ford's Alan Mulally who turned around failing auto companies. Maybe there is something the local car guys can learn from them.




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@关子临: 自信也许会压倒聪明,演技的好坏也许会压倒脑力的强弱,好领导就是循循善诱的人,不独裁,而有见地,能让人心悦诚服。    参加讨论>>
@DuoDuopa:彼得原理,是美国学者劳伦斯彼得在对组织中人员晋升的相关现象研究后得出的一个结论:在各种组织中,由于习惯于对在某个等级上称职的人员进行晋升提拔,因而雇员总是趋向于晋升到其不称职的地位。    参加讨论>>
@Bruce的森林:正念,应该可以解释为专注当下的事情,而不去想过去这件事是怎么做的,这件事将来会怎样。一方面,这种理念可以帮助员工排除杂念,把注意力集中在工作本身,减少压力,提高创造力。另一方面,这不失为提高员工工作效率的好方法。可能后者是各大BOSS们更看重的吧。    参加讨论>>


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