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MiscellaneousNew Sherriff in Town, Ex-Home Depot CEO to Run Chrysler
Posted by mike on 2007/8/6 8:05:31 (1299) reads

Chrysler Group announced last night that former Home Depot head-honcho Bob Nardelli has been selected to lead Chrysler Group. Former Chrysler Group CEO Tom Lasorda has accepted a position as the number two man.

From news.iWon.com:

Chrysler's new private owners say they have picked former Home Depot boss Bob Nardelli to head the No. 3 U.S. automaker in its effort to return to financial health.

The board of the reorganized Chrysler LLC elected Nardelli as chairman and chief executive, the company said in a news release Sunday night.

Nardelli, who became chief executive of The Home Depot Inc. in 2000, resigned abruptly in January after criticism over his pay and the company's slumping share price.

"Chrysler has many deeply talented and dedicated people, and I am confident that together we can continue the momentum of Chrysler's recovery," Nardelli said in the statement.

Former Chrysler executive Wolfgang Bernhard, a senior adviser to Cerberus, had been widely expected to be named chairman. He was offered a position with the company but elected not to accept it.

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Poster Thread
jpsmith
Posted: 2007/8/7 13:35  Updated: 2007/8/7 13:35
Just can't stay away
Joined: 2006/7/25
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Posts: 97
 Re: New Sherriff in Town, Ex-Home Depot CEO to Run Chrysler
http://www.usatoday.com/money/autos/2007-08-06-chrysler-bob-nardelli_N.htm?csp=1

"This is a ludicrous choice," says Jeffrey Sonnenfeld of the Yale School of Management. "He's going for obedience and execution. That's not the auto industry of Carlos Ghosn." Ghosn rescued a nearly bankrupt Nissan by building a consensus within the Japanese company that it needed radical surgery.

"Nardelli's the poster child of poor workforce relations," Sonnenfeld says.

Poster Thread
jason
Posted: 2007/8/6 22:18  Updated: 2007/8/6 22:18
Just can't stay away
Joined: 2005/6/30
From: glendale,az
Posts: 93
 Re: New Sherriff in Town, Ex-Home Depot CEO to Run Chrysler
I'm worried that cutting costs will affect quality and the hopes of getting a CRD wrangler and Jeep truck are now fading......

Wolfgang would have been the perfect choics

Poster Thread
MarkH
Posted: 2007/8/6 10:24  Updated: 2007/8/6 10:28
Home away from home
Joined: 2005/7/20
From: The Great White North
Posts: 494
 Re: New Sherriff in Town, Ex-Home Depot CEO to Run Chrysler
Bob's Golden Handshake retirement/bonus from Home Depot was $210,000,000

I assume he'll be working for free for Chrysler, because their bonuses are generally only 7 digits long...

Poster Thread
jpsmith
Posted: 2007/8/6 10:44  Updated: 2007/8/6 10:44
Just can't stay away
Joined: 2006/7/25
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Posts: 97
 Re: New Sherriff in Town, Ex-Home Depot CEO to Run Chrysler
That's the first thing I thought of, too. Over on allpar it says he'll be working for $1 / year at first.

http://www.allpar.com/news/#ni932

Do you think he'll lay off all the full-timers and replace them all with part-timers, like he did at Home Depot?

Poster Thread
RUBICON
Posted: 2007/8/6 10:46  Updated: 2007/8/6 10:46
Home away from home
Joined: 2005/7/13
From:
Posts: 377
 Re: New Sherriff in Town, Ex-Home Depot CEO to Run Chrysler
HE HE... yeah if I had $210,000,000 I would work for Jeep for free.

One nice thing, being that it is a private company now... if he doesn't turn things around Cerebus can boot him out the door. I am disappointed that Wolfgang didn't take the position but hopefully he will remain in an advisory role.

Poster Thread
whfrat
Posted: 2007/8/6 12:30  Updated: 2007/8/6 12:30
Just popping in
Joined: 2006/8/30
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Posts: 13
 Re: New Sherriff in Town, Ex-Home Depot CEO to Run Chrysler
Wake up folks!

Cerebus plans to sell Chrysler well before anyone gets a chance to cash in thier "Chrysler lifetime warranty Act." Don't think for a second the next Chrysler owner will honor it.

As far as our new CEO goes, he will go after the retirees and health care. 13,000 jobs cut is the start. This guy is very bad news for moral.

So while we are dreaming of cool new cars, take the time time to think about what a joy it is to be employed by Chrysler right now.

While we are at it, lets re-elect the Idiot.
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