In a development that stunned Detroit, Cerberus Capital Management today will reportedly name former Home Depot CEO and GE executive Robert Nardelli as chairman of the board and CEO of Chrysler. The
move comes after DaimlerChrysler and Cerberus completed the deal Friday in which Cerberus invested $7.4 billion to acquire 80.1% of Chrysler.
Tom LaSorda, who has been Chrysler's CEO
and president since September 2005, will become the No. 2 executive at Chrysler as vice chairman and president. CFO Eric Ridenour, who has worked for the company for 23 years, is expected to leave the
automaker. Wolfgang Bernhard, a former Chrysler COO who many believed would become chairman, will not have a formal role.
Fresh to the auto industry, Nardelli comes with both
accomplishments and controversies. Former GE boss Jack Welch praises Nardelli in interviews He is credited with bringing GE-style discipline to Home Depot, measuring performance and holding people
accountable. But he abruptly left Home Depot in January amid complaints about his pay--departing with a reported $210-million compensation package.
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