UPDATE 1-Chrysler completes board of directors

* Chrysler appoints new directors

* Action is key to building a viable Chrysler: chairman

NEW YORK, July 5 (Reuters) - Chrysler Group LLC, which
emerged from bankruptcy last month by selling most of its
assets to a company led by Italy's Fiat Spa (FIA.MI: Quote, Profile, Research), completed
its board of directors with the appointment of five new members
on Sunday.

The Fiat tie-up was a key step in the Italian carmaker's
ambitious plan to create a global player to ride out the
worldwide auto sales downturn.

In addition to Fiat, Chrysler Group LLC is owned by a
union-aligned trust and the U.S. and Canadian governments in
taking over the best parts of Chrysler.

The automaker's nine-member board has three directors
appointed by Fiat, four by the U.S. government, one by the
Canadian government and one by the UAW trust.

"The formal creation of our Board of Directors is another
important step toward building a viable Chrysler Group for the
long term," C. Robert Kidder, acting chairman of the board,
said in a statement.

The new members of the board are: Douglas Steenland, former
chief executive of Northwest Airlines; Ronald Thompson,
chairman of the board of trustees for Teachers Insurance and
Annuity Association; George Gosbee, chairman and president of
Tristone Capital Inc; Scott Stuart, a founding partner of
Sageview Capital LLC; and Stephen Wolf, chairman of R.R.
Donnelley & Sons Co. RRD.N

The new board will hold its first meeting on July 29.

Fiat Chief Executive Sergio Marchionne is the CEO of the
new Chrysler.
(Reporting by Juan Lagorio, editing by Matthew Lewis)