Fiat hires Jack Welch

TURIN, Italy - Fiat S.p.A., parent of Fiat Auto, said Friday it has hired Jack Welch, General Electric Co.'s former CEO, as a consultant as the automaker prepares to cut production more than it had planned.

Welch, a highly regarded manager who has been a Fiat board member for more than a year, retired from General Electric in September.

Fiat has said it will lose about $720 million this year as it cuts jobs and closes factories at its car unit, which has lost money for three straight years. A Fiat spokesman said the automaker will cut production by 8,300 units in the next two months, rather than by 1,800 as it had said.

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