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January 13, 2014 AT 10:49 AM
Fiat Chairman John Elkann said today that Chrysler and Fiat CEO Sergio Marchionne will stay with the company for at least three more years. "He never intended to leave," Elkann said today after Chrysler revealed its new 200 sedan at the North American International Auto Show in Detroit. "We have a deal for at least three years." Previously, Marchionne had only said he would stay until 2015. Speculation about his future resumed after Fiat announced on New Years Day that it had reached a deal to acquire the remaining 41.5% of Chrysler shares from the UAW Retiree Medical Benefits Trust for $4.35 billion by the end of January.