Stories related to: Robert Nardelli

The slumping US  economy is casting shadows over the New York Auto Show, as industry forecasters this week cut their projections for sales of new cars and light trucks in 2008 to less than 15 million, the lowest level in 14 years. Chrysler, GM, and Ford, who had been projecting sales of 15.5 to 15.7 million, are preparing for a fresh round of belt tightening, the Wall Street Journal reports . More »

Chrysler plans to shut down all operations for two weeks in July to save money and “accelerate Chrysler's recovery and transformation,” CEO Robert Nardelli writes in a company memo. Employees will take a forced break July 7-20 “in order to create better alignment and efficiency across organizational lines and boost productivity,” says the memo, obtained by the Wall Street Journal . More »

Chrysler lost nearly $2.9 billion in a 2-month period last fall, after its split from Daimler, a filing by the German company shows. The filing by Daimler, which retains 19.9% of the automaker, offers a rare look at how costly the company's reorganization effort has been since it was taken private by Cerberus Capital Management in May, the Wall Street Journal reports. More »

Continuing US housing market woes, showing no signs of letting up, helped drag Home Depot’s fourth quarter profits down 27% over the same quarter last year, to $671 million from $925 million. The world’s largest home-improvement retailer also predicted fiscal-year earnings will drop 19% to 24%, more than twice the decline analysts had expected, the Wall Street Journal reports. More »

Chrysler plans to cull its Chrysler, Jeep and Dodge brands by at least a third, and drastically reduce the network of 3,600 dealers selling its vehicles to reduce costs, reports the Wall Street Journal . Chrysler dropped three models last year, leaving it with about 30 product lines. The company expects to cut back to approximately six cars, six trucks and no more than six SUVs over the next few years. More »

With an auto industry novice as CEO, a product line trailing the rest of the industry, and an inadequate cost-cutting strategy, Chrysler is scrambling to sell assets to climb out of a deep financial hole. Four months after Cerberus Capital Management took the automaker private, the Wall Street Journal finds turnaround plans stalled by a cash crunch. More »

Chrysler will be screeching toward a second consecutive year in the red, sources told the Wall Street Journal , as the automaker will lose $1.6 billion. CEO Robert Nardelli told designers and engineers this week that while the beleaguered automaker’s revenue was about $63 billion, costs exceeded $64 billion. The newly private company no longer must report earnings publicly. More »

The United Auto Workers have decided to sit down with Chrysler next, hoping to extend the terms of the contract negotiated with GM last month, Bloomberg reports. At Chrysler, the UAW will be dealing with a CEO who's been on the job just two months—Robert Nardelli, former chief of Home Depot—and new owners, private-equity firm Cerberus Capital Management, which bought the struggling company from DaimlerChrysler earlier this year. More »

Toyota North America's president will become the new co-president and vice chairman of Chrysler, the Detroit Free Press reports. Jim Press, the highest-ranking non-Japanese exec in Toyota's history, brings a reputation as a talented manager to Chrysler, which is in the process of transforming into a private company after being sold by Daimler. More »

Former Home Depot chief Bob Nardelli has a reputation for being a brusque, hard-edged maverick, and that’s exactly what his new bosses at Chrysler want, Reuters reports. Cerberus Capital Management hopes to stem losses at the automaker by cutting costs, particularly in the delicate area of unionized workers. Nardelli’s gruff style may improve numbers—or it may wind up confounding labor negotiations. More »

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. More »