It's been more than 12 years since FCA CEO Sergio Marchionne wore a tie in public. It last happened on June 1, 2005, when Italy's president, Giorgio Napolitano, handed him the Cavaliere del Lavoro award in Rome. But it could happen again, and soon.
Marchionne, 65, has promised that if the automaker zeros out its debt by the time he presents its new five-year strategic plan on June 1, he will wear a tie again. For everyone to see.
FCA's net industrial debt stood at $5.38 billion on Sept. 30 and the company's guidance called for debt to be reduced to less than $3.06 billion at the end of 2017. We'll know that for sure when the company reports its full-year results on Thursday, Jan. 25.
And we'll believe that Marchionne will wear a tie again when we see it.