Wednesday, August 08, 2007
Nardelli takes the wheel at Chrysler
Private equity firm Cerberus, which completed its takeover of troubled US carmaker Chrysler last week, has underlined its commitment to transforming the marque with the appointing of tough talking ex-marine Robert Nardelli as chairman and chief executive.
The appointment of Mr Nardelli was a surprise as it had been speculated that Wolfgang Bernhard, a former Chrysler and Volkswagen executive who now advises Cerberus, would get the top post.
The appointment was also a blow to Tom LaSorda, who has been demoted to president and will now report to Mr Nardelli. Analysts now expect Mr LaSorda, who devised Chrysler's 'recovery and transformation plan' to leave the manufacturer.
DATED: 08.08.07
FEED: AW
The appointment of Mr Nardelli was a surprise as it had been speculated that Wolfgang Bernhard, a former Chrysler and Volkswagen executive who now advises Cerberus, would get the top post.
The appointment was also a blow to Tom LaSorda, who has been demoted to president and will now report to Mr Nardelli. Analysts now expect Mr LaSorda, who devised Chrysler's 'recovery and transformation plan' to leave the manufacturer.
DATED: 08.08.07
FEED: AW
