News / Business
Bob Nardelli Named Chrysler Chairman and Chief Executive
Bob Nardelli, the former Chairman, CEO and President of Home Depot, has been appointed by Chrysler as its new Chairman and Chief Executive.
Nardelli’s appointment comes just days after the private equity firm Cerberus Capital Management took control of the troubled auto-maker by acquiring an 80 percent stake from Daimler, Chrysler’s parent company.
The move to place Nardelli at the top surprised many. It was only last week that Cerberus Chairman John Snow said that the Chrysler management team would remain unchanged. With Nardelli at the helm the potential for a major overhaul is certainly possible.
Chrysler’s current CEO, Tom LaSorda, will fill the position of President and Vice-Chairman. Eric Ridenour, Chief Operating Officer for the auto legend, wasn’t as fortunate. Ridenour will be gone and the position is not expected to be filled.
Nardelli made headlines when he left Home Depot after six years. He nabbed a $210 million severance package from the do-it-yourself store, a figure that incensed shareholders. He has agreed to take the Chrysler position for an annual salary of $1 with bonuses related to Chrysler’s performance.
