Chrysler, who is now owned 80.1 percent by private equity firm Cerberus, is expected to profit within the next three years, according to Cerberus chairman John Snow.
“I think you’ll see that Chrysler will be in much better shape within three years. This is a plan to get it back to profitability,” the former U.S. treasury secretary told the Financial Times in an interview.
Cerberus Capital yesterday 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.
[tags]Cars, Car, Auto, Automobile, Vehicles, Technology, Auto News, News, Automotive, Chrysler[/tags]