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THURSDAY, NOVEMBER 26, 2009
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Ex Home Depot Chief Takes Chrysler Wheel

Nardelli tapped as CEO in takeover shake-up

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(Newser) – In a major shake up, Chrysler 's chief executive will be replaced by former Home Depot boss Bob Nardelli, the Wall Street Journal reports. An auto official called Nardelli a "real change agent" in an industry rocked by foreign competition. Nardelli is the second auto-industry neophyte to be named recently to head one of the "Big Three" car companies.

He left Home Depot earlier this year amid criticism over company performance during his tenure and his $210M compensation package. The shake-up follows the takeover of Chrysler by Cerberus Capital Management. Chrysler's former chief executive, Tom LaSorda will remain as president.

Chrysler Group CEO Tom LaSorda addresses the media during a news conference after opening the 2007 contract talks with the United Auto Workers at the Chrysler Group headquarters in Auburn Hills, Mich., Friday, July 20, 2007. The national contract between the UAW and the automakers expires Sept. 14. (AP Photo/Carlos...
Chrysler Group CEO Tom LaSorda addresses the media during a news conference after opening the 2007 contract talks with the United Auto Workers at the Chrysler Group headquarters in Auburn Hills, Mich.,...   (Associated Press)
Home Depot Chief Executive Bob Nardelli smiles during an Atlanta, Ga. interview in this Friday, Sept. 1, 2006 file photo. Newly private Chrysler LLP announced Sunday, Aug. 5,2007, that Nardelli would be its chairman and chief executive. (AP Photo/Gene Blythe)
Home Depot Chief Executive Bob Nardelli smiles during an Atlanta, Ga. interview in this Friday, Sept. 1, 2006 file photo. Newly private Chrysler LLP announced Sunday, Aug. 5,2007, that Nardelli would...   (Associated Press)
P 500 companies to provide a full picture of executives' compensation - including stock options, bonuses and perks such as country club memberships. (AP Photo/Gene Blythe, file)
P 500 companies to provide a full picture of executives' compensation - including stock options, bonuses and perks such as country club memberships. (AP Photo/Gene Blythe, file)   (Associated Press)
Country minivans sits outside a Chrysler-Jeep agency in the east Denver suburb of Aurora, Colo., on Sunday, July 22, 2007. The Commerce Department said that orders for big-ticket manufactured products increased by 1.4 percent last month, the best showing since a 5.1 percent increase in March. Orders...
Country minivans sits outside a Chrysler-Jeep agency in the east Denver suburb of Aurora, Colo., on Sunday, July 22, 2007. The Commerce Department said that orders for big-ticket manufactured products...   (Associated Press)
The company logo shines off the grille of an unsold 2007 Aspen sports-utility vehicle outside a Chrysler-Jeep dealership on Nov. 26, 2006, in the east Denver suburb of Aurora, Colo. Private equity firm Cerberus Capital Management took control of Chrysler Group Friday in a US$7.4 billion (euro 5.4...
The company logo shines off the grille of an unsold 2007 Aspen sports-utility vehicle outside a Chrysler-Jeep dealership on Nov. 26, 2006, in the east Denver suburb of Aurora, Colo. Private equity firm...   (Associated Press)
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