Chrysler CEO Nardelli to step down, LaSorda to retire, Jim Press to stick around

During our live blogging session earlier this morning, Chrysler CEO Bob Nardelli said that he will be stepping down from his position after the company emerges from bankruptcy. He made it clear that the decision was his own and that the U.S. Treasury had not asked him to resign.

According to AutoObserver, Nardelli will return as an advisor to private equity firm Cerberus Capital Management, which owned Chrysler before the Fiat deal was announced earlier today.

Former CEO Tom LaSorda, who is currently vice chairman and president, said that he will be retiring. While LaSorda did not provide an official date, he said that he will not stick around and watch Chrysler go through Chapter 11 bankruptcy.

Chrysler’s President Jim Press said that he has had no discussion regarding his future role in Chrysler. 

Earlier this morning we learned that following Chapt. 11, the U.S. government will select six board members, while Fiat will select three. The new board will then select a new CEO for the new alliance.

– By: Omar Rana

Source: AutoObserver