Coming as a total surprise to us since late last night, Cerberus Capital has named ex Home Depot CEO as the CEO of Chrysler. Known for his aggressive styling, Robert Nardelli comes to Chrysler with no automotive background whatsoever.
Nardelli served as CEO of Home Depot from 2000 to 2006, ending his term with an impressive track record and a $210 million retiremen package. Nardelli increased sales from $46 billion to $91 billion in 2006, doubling profits to $5.8 billion.
The new Chrysler CEO will be getting paid $1 a source told The Detroit News. “He doesn’t make a dime until Chrysler turns around.”
Tom LaSorda will remain as president, while former COO Wolfgang Bernhard declined any executive positions due to personal reasons.
Nardelli also has 29 years of working at General Electric Co., under his belt.
Source: The Detroit News
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