FCA's (or rather Sergio's) main focus seems to have been to eliminate its debt and make all its operations profitable, no doubt connected to Sergio's retirement bonus... so in that respect the contraction of the brands has been spectacularly successful.
The next guy in charge will be key, though. If they are an accountant, like Sergio, then I'd be very afraid... because they will cherry-pick the sectors they want to invest in... and once you've got all your eggs in one or two baskets (e.g. the 500, Alfa "revival" etc.) then as soon as you make a wrong decision, conditions change or something just doesn't work, then you're in a crisis... but this time without the Fiat "get out of jail" option which was the 127, the Uno and the Punto twice. in the past.
On the other hand, if the next guy is a "car" guy then he might think a bit more out of the box. The core "money spinners" can be kept spinning for sure.. but FCA also needs to have a contender in the highest volume segments.
IMO, Fiat always should have a Punto. Even if the profit from it is practically nil, it should be the car people think of when you say "Fiat", in the same way that a VW is a Golf and a Ford is a Focus (or Cortina, depending on your age).
Punto (if done properly) can feed a few different models... Tweak the motor and add better suspension and you have a new MiTo.. Fit a nicer interior with the better suspension and you have a Lancia (and go rallying with it).
Lancia can be more niche (Punto/124 between them might be able to provide most of the bits for a new Fulvia) but it's also the ideal candidate to fill the space above Fiat (Punto). Using the Alfa platforms for economies of scale, you could create a Delta (viz. Giulietta), and a saloon (Giulia) or SuV (Stelvio) to offer a different style/options the same way as VAG brands do and Merc' does with its own model sub-variants.
It doesn't strike me as rocket science...so I just think the bosses don't have the vision to see it. I'm available to be CEO, if anyone from FCA is interested..
Ralf S.