On Wednesday, Chrysler CEO Sergio Marchionne announced that he has designed a five-year plan for the automaker (Wall Street Journal, subscription required). Marchionne believes the restructuring will be slow initially, but should improve "significantly" next year.

We should receive the plan by the end of November, and Chrysler will start reporting its quarterly results by the end of the year. Marchionne stated, "We are going to become a normal reporter in the U.S. hopefully by the end of 2009. ... You will see numbers like you see for everyone else." One can only assume that this is one of the "whole pile of surprises" Marchionne promised back in June when Fiat took over Chrysler.

Former Chrysler CEO Lee Iacocca has decided to weigh in on the current situation at his former employer, when interviewed by the Associated Press. Iacocca believes that the automaker needs to get the government out of the business as soon as possible, noting that government intervention is "strong motivation to repay the loan early." Iacocca added that the government "oversight is just too extreme." He reminded readers how Chrysler repaid the previous ten year loan from the government in three.

Chrysler and General Motors (OTC: GMGMQ) are have both received billions of dollars in government loans. Chrysler has recently exited bankruptcy protection, while GM remains in Chapter 11. The Treasury Department's auto task force has already made its presence felt, forcing out both CEOs and is reshaping their boards.

There's new boss at Chrysler, and his name is Sergio Marchionne. On the job just a few days, Mr. Marchionne has shown that he plans to run a tight ship at Chrysler. His first move was to appoint powerful divisional heads with profit and loss accountability.

He has initiated a top-to-bottom shake-up, naming 23 executives who will report directly to him. Some of the 23 are from Fiat and others were promoted within Chrysler.

According to the Financial Times, General Motors (NYSE: GM) expects "as many as three bids" for a strategic stake in its European arm by today's deadline. GM Europe spokesman Chris Preuss stated, "Based on conversations that are ongoing, the expectation is that there will be three bids put on the table." GM expects to rake in $887 million for the division.

The report quotes "two people close to the deal, who requested anonymity" as saying the three bids could come from Fiat, Canadian parts manufacturer Magna, and Brussels firm RHJ International.

After partnering up with newly bankrupt Chrysler LLC, Italian automaker Fiat SpA is now interested in acquiring the Opel unit of General Motors Corporation (NYSE: GM). In fact, according to German Economics Minister Karl-Theodor zu Guttenberg, Fiat is seeking to integrate its recent and future auto acquisitions into a new global car alliance.

After meeting with Fiat CEO Sergio Marchionne, zu Guttenberg told reporters that the Italian firm would need estimated bridge financing of 5 billion to 7 billion euros to facilitate its planned partnership with GM Europe. The Opel unit, combined with Fiat's own operations and its stake in Chrysler LLC, would form the new alliance.

This post is one of several on business heirs apparent. Let us know in the comments whether you think John Elkann should take up the reigns of Fiat, and be sure to check out the other heir apparent posts.

Gianni Agnelli, principal shareholder of Fiat and grandson of the company's founder had been grooming his nephew to take up the reins of the family business when that nephew died of a rare form of cancer in 1997. Gianni's grandson John Elkann became the next heir apparent at the age of 22, when he was appointed to Fiat's board. After Gianni passed away in 2004, Elkann assumed the vice chair of not only the Fiat board, but the board of holding company that controls the Agnelli family stake in Fiat.

Elkann stepped into his new role at a time of crisis for Fiat. Mismanagement and a damaged brand image required a bank bailout to avoid bankruptcy. Recovery meant selling assets, management changes, and reinvesting in the core company. Renewed strength in the struggling automotive division (which includes the Fiat, Lancia, and Alfa Romeo brands) helped lift the company. Now, among other things, Elkann spearheads the company's efforts at global expansion.