Cerberus Hires Nardelli to Steer Chrysler

07 August 2007

DETROIT: Struggling US automaker Chrysler Group has named Robert Nardelli as its new chairman/ceo. He replaces industry veteran Tom LaSorda, who will remain president of the company.

Nardelli (pictured) was forced out from Home Depot earlier this year amid shareholders' fury. They objected to his generous salary and bonus package while the home improvement retailer's stock price languished under his leadership.

Chrysler has recently been acquired by private equity group Cerberus Capital Management.

Data sourced from Wall Street Journal Online; additional content by WARC staff