Chrysler CEO Bob Nardelli Confirms Departure

[question everything]

Source: CNN Money

DETROIT -(Dow Jones)- Chrysler LLC Chief Executive Bob Nardelli confirmed Thursday he will leave the auto maker after it completes the bankruptcy protection process.

Nardelli, who took over the leadership role on Aug. 6, 2007, said he decided that now was the time to announce his departure and that he wasn't asked to step down by the Obama administration. He will return to Chrysler owner Cerberus Capital Management as an adviser.

"Now is an appropriate time to let others take the lead in the transformation of Chrysler with Fiat," Nardelli said in a statement, referring to the alliance agreement with the Italian auto maker. "I will work closely with all of our stakeholders to see that this new company swiftly emerges with a successful closing of the alliance."

The exit of Nardelli, the former Home Depot CEO, clears the way for Fiat SpA ( FIATY) CEO Sergio Marchionne to either take over the top spot or name a successor. Fiat will contribute advanced technology and offer Chrysler access to a global distribution network. The Italian company will get an initial 20% equity stake in the reorganized company.



Read more: http://money.cnn.com/news/newsfeeds/articles/djf500/200904301359DOWJONESDJONLINE000874_FORTUNE5.htm

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I hope that he is not going to milk Chrysler the way he did with Home Depot

Home Depot Inc.'s board of directors wanted their controversial chief executive, Robert L. Nardelli, to amend his whopping compensation deals for recent years. After he pulled down $38.1 million from his last yearly contract, angry investors were promising an ugly fight at the company's annual meeting in May. Nardelli agreed to give up a guarantee that he would continue to receive a minimum $3 million bonus each year. But that's as far as he would go. When board members asked him to more closely tie his future stock awards to shareholder gains, he refused, according to people familiar with the matter. Nardelli has complained for years that share price is the one measure of company performance that he can't control. After weeks of secret negotiations, things came to a head at a board meeting on Jan. 2, leading to Home Depot's stunning announcement the next day that the company and Nardelli had "mutually agreed" that he would resign.

http://www.msnbc.msn.com/id/16469224/

[WriteDown]

1. His work is done. nt.

[liberal N proud]

2. Why is he waiting?

He has driven them to bankruptcy, what more is there?

[pattmarty]

3. "AND, he added, with 40 million in cash payments".

[blueknight]

4. unreal

this guy just goes from company to company, fucking them up. how do they justify hiring him?

[pattmarty]

6. That was a satire deal. I just put that up as a "phony quote".

[jmowreader]

7. Nardelli does a lot of "right-looking" things

Nardelli received control of a $40 billion Home Depot in 2000; in 2005 it was an $85 billion company. He also managed to double the company's profits in five years. He also put in a bunch of back-end stuff the customer will never see. For instance, he decided to quit shutting down the stores at night. Now, every Home Depot has (or at least HAD) a night-stocking crew. The advantage here is you can run powered lift equipment through the stores without disrupting anyone's shopping.

If someone was looking for a CEO and saw that this guy had doubled the sales and profits of a very large company in five years, they'd hire him.

Nardelli's biggest problem was he tried to turn The Home Depot into a factory, and you can't do that in retail. His inventory control systems were kinda weird, and that's being charitable. There are a lot of things in a Home Depot store that store personnel can't order. They're called "host" orders, and if you get caught trying to get around the host restrictions you can get in a lot of trouble.

[stevietheman]

5. Nardelli's slogan must be: "I run companies right into the ground!" n/t

n/t