Last week we heard that former General Motors CEO Rick Wagoner, who was fired by President Barack Obama last year, currently sits on the Washington Post board. We learn today that his once crosstown rival, former Chrysler CEO Bob Nardelli, has been named non-executive chairman of NewPage Corp., a company that makes coated paper products.
The company is owned by Cerberus Capital Management, which also owned Chrysler prior to the Auburn Hills automaker’s government-scripted bankruptcy reorganization last year. Cerberus acquired NewPage in 2005 for $2.3 billion.
Nardelli, 62, was brought in after CEO Thomas Curley and Chairman Mark Suwyn resigned.
Whatever the case may be, we doubt Wagoner and Nardelli are having as much as fun as they did when they were working in the auto industry.
– By: Omar Rana
Source: Automotive News (Subscription Required)