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Backstreet Driver: Does Nardelli provide boost of confidence to Chrysler?

Newly private Chrysler LLC workers and investors must be excited.

The company has named Bob Nardelli as its chairman and CEO, replacing Tom LaSorda.

Nardillo is perhaps best remembered as the former CEO of Home Depot who received a severance package valued at $210 million, including a $20 million cash payment, when he left Home Depot in January.

The move comes just days after private equity firm Cerberus took over the automaker. Cerberus Chairman John Snow had said last month that LaSorda would remain CEO of the ailing automaker.

Nardelli said in a news release late Sunday that he was "very excited to be part of a team focused on re-establishing Chrysler as a standalone industry leader, with a renewed focus on meeting the needs of customers."

See separate USA Today story.

Posted by Peter C. T. Elsworth  at 10:28 AM to Chrysler | Permalink

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