Holding. In February 2004, the company sold its interest in Fiat Engineering, as well as its stake in Edison. Sergio Marchionne Sergio Marchionne was appointed CEO of Fiat in 2004 and initially he impressed investors. At the end of the 2005 financial year, the company saw its first profit in 17 quarters of €196M for the first 9 months of FY2006. Marchionne reduced Fiat's managerial bureaucracy refocused the business on markets and profit. While chairman, Luca di Montezemolo, dealt with politicians and unions, Marchionne rebuilt the car business. The success of the Grande Punto model was in large part responsible for the turnaround in Fiat's fortunes, but the award-winning 500 cemented it. Fiat formed a joint venture with India's TATA Motors, which has subsequently ended, and with China's Chery Motors which didn't conclude. In 2005 Fiat courted Ford, and returned to China with a joint venture GAC Fiat created in 2010. Under Marchionne Fiat also re-entered several large markets that it had exited years before, such as Mexico and Australia. In December 2008, Marchionne announced Fiat had to become one of the top five automakers to survive in the long run. Under Marchionne's leadership, Fiat returned to Canadian and American markets with the new 500. However, since 2009, Marchionne has presided over a business that has experienced a loss in European market share from 9.3 to 6.2 percent. In December 2013, Marchionne announced that he intended to discontinue the Grande Punto so that the company could focus on "cool, high margin" Fiat 500 (2007) variants and the Fiat Panda. In 2010, John Elkann became the Chairman of Fiat SpA and shareholders approved a plan to demerger Fiat's capital goods businesses. Agricultural and construction equipment manufacturer CNH Global NV, truck maker Iveco, and the industrial and marine division of Fiat Powertrain Technologies were spun off into a new group on 1 January 2011. The parent company, Fiat Industrial S.p.A., was listed on the Milan stock exchange on 3 January 2011. In 2010, credit rating agency Fitch cut Fiat's debt rating to BB- after it had accumulated a debt of around . In 2013, Fiats debt rating was cut again, this time by Moody's, to Ba3 over concerns European demand was lower and debt was falling slower than expected. The Financial Times estimate of Fiat's debt at the time was almost . Acquisition of Chrysler On 20 January 2009, Fiat S.p.A. and