The head of Fiat Chrysler is pulling back from his quest to find a merger partner.
Sergio Marchionne told the company’s shareholder’s meeting in Amsterdam that Fiat Chrysler was in no position to seek deals, and instead would focus on the company’s business plan to eliminate debt before he retires.
Marchionne termed thoughts of consolidation as “unrealistic.”
Marchionne has long advocated more consolidation in the industry, to save money in developing technology that all the companies eventually use.
He approached General Motors, who turned him down.
Now, Marchionne will try to wipe out debts to make Fiat Chrysler a more attractive partner in the future.
The future without Marchionne is a bit more clear. Company chairman John Elkann confirmed that Marchionne will step down after the company’s annual meeting in 2019, and his replacement will be from within the company.