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Cerberus Names New Chrysler CEO

by M Mayder

If you follow the business operations of the auto industry at all, you know that a corporation called Cerberus has taken over the reins at Chrysler. They’ve just named Bob Nardelli CEO, and he along with former CEO Tom LaSorda were part of a press conference today in which LaSorda pledged his support of both Chrysler and Nardelli.

In addition, Nardelli endorsed the recovery and restructuring plan which LaSorda had launched in February, and both men met with United Auto Workers president Ron Gettelfinger, and Canadian Auto Workers president Buzz Hargrove, both of whom represented employee’s concerns over the new management.

While Tom LaSorda is supporting Nardelli, however, his former second-in-command, COO Eric Ridenour has chosen to leave the company, resigning after a 23-year tenure.

Industry analysts were somewhat surprised by the naming of Bob Nardelli to the top-spot, calling his appointment an interesting choice, and expressing doubts about his ability to give Chrysler what it needs. As well, many find it unsettling that this is the second time in the past year that an American automaker has named an outsider as leader. The first time was when Ford Motor Co. hired Alan Mulally from Boeing.

Bob Nardelli is a former senior executive at General Electric, and was criticized for excessive payroll and severance packages, though credited for overhauling the technology and purchasing systems at Home Depot.


Posted in Business Monday on August 6th, 2007

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