Ex-Home Depot Chief Taking Reins at Chrysler

Source: NY Times

Robert L. Nardelli, who was ousted as chief executive of Home Depot amid shareholder discontent earlier this year over his enormous pay package, will soon take on one of the most prominent jobs in corporate America: revitalizing the troubled automaker Chrysler LLC.

Chrysler’s new owner, the private equity firm Cerberus Capital Management, chose Mr. Nardelli because of his turnaround expertise, people with direct knowledge of the Cerberus plans said Sunday night.

They said he will bring fresh eyes to the carmaker, which was sold by the German automaker DaimlerChrysler after nine years of ownership because of growing losses at the United States company, which now ranks fourth in the American market, behind General Motors, Toyota and Ford Motor.

For Mr. Nardelli, the appointment provides him with an opportunity to burnish his reputation, which was damaged by a contentious relationship with shareholders and ended with him departing with a severance package worth $210 million, some of it to offset benefits lost when he was hired from General Electric.



Read more: http://www.nytimes.com/2007/08/06/business/06chrysler.html?hp=&adxnnl=1&adxnnlx=1186369394-35VPPq0MczdxegMTXFMuSw

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Well now he can screw what's left of Chrysler. I could never figure why businesses and sports teams go to the same old failed CEO's, managers and coaches over and over again, like changing teams isn't going to result in the same damn failure!

The only recommendations to run a major automaker I can think of.

They just rotate jobs. They're all sitting on each others' Boards of Directors voting on each others' salaries.

It really sucks. :puke:

Yeah, he turned Home Depot around, alright. Flushed it right down the toilet.

no American cars for me ever again.

Looking at the Scion 2008 xB, should get rid of PT now, since it has some value.

And now they're going to give him fucking CHRYSLER to play with?

Unbelievable!

works that way in every sector.

Nardelli is a pos.

so sorry.

maybe asswipe iadopa will wet his pants.

Oh wait. He's done the fundraisers. He just hasn't gotten the bailout yet.

The Chrysler board must be lining up the bailout now.

Did you ever notice how these bozos go from one
failed to job to a bigger and better job (which
they will then fail at)?

Here in the real world, rewards for one's work
just don't seem to work the same way.

Tesha

Damn, the way this clown has screwed up, it's only a matter of time before his Nazi Republican pals put him in Congress!

When they fail, they can usually find some other loser team to take a chance with them.

Incompetent executives and substandard products but if I buy a Japanese car I'm hurting American workers. :eyes:

with Nardelli in charge, Chrysler will have everything made in China like he did with Home Depot. While the Japanese make their cars here by American workers.

I predict that, based on this guy's track record, Chrysler will be lucky to be bought by a Chinese car company in 5 years, who will then close all US operations and make cars in China with US names. And they will have about a 3% market share.

I feel really badly for Chrysler's US workers. They deserve better than this, far better.

It would be very bad for not just american auto companies, but japanese and european ones, too. It would be bad for anyone who doesn't use slave labor to have to compete with those who do.

next time I change jobs, must remember to negotiate an "offset for lost benefits" :sarcasm:

He says it's a hellhole where nobody cares about the workers. Recently, he was preparing to move and filed for a transfer to a Depot near his new home, before he'd left. He was told everything was in order and, as such, ended the lease on his apartment here. Guess what? The HR department 'forgot' to give him the transfer, and all jobs were taken. So, now he has to pay another deposit on his lease here or he'll end up living with us. It has really thrown off his entire life.

The home office would do absolutely nothing for him. This laziness seems to pervade the entire management. If this is Mr. Executive's version of turning around a company, it sucks.

Cerberus does not want Chrysler to be a good profitable car company. They want Chrysler to be worth more than they paid for it so they can sell it for a profit or make it public again.
Nardelli is great at cutting cost and screwing workers. It won't matter how good the cars are or the long term health of the company. Just turn it around at a profit. They are basically large cap flippers.