Ex Home Depot Chief Takes Chrysler Wheel

Nardelli tapped as CEO in takeover shake-up
By Heather McPherson,  Newser User
Posted Aug 6, 2007 9:03 AM CDT
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)
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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.