http://money.cnn.com/news/newsfeeds/...4_FORTUNE5.htm
And the Lord spoke... <cue Biblical music>.....
And the Lord spoke... <cue Biblical music>.....
Quote:
Chrysler CEO Bob Nardelli Confirms Departure
April 30, 2009: 01:59 PM ET
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.
Nardelli foreshadowed his own departure on April 17 when he sent a letter to employees telling them that Chrysler's future leadership would be decided jointly by the U.S. government and Fiat. The two entities will appoint a new board of directors.
"The board will have the responsibility to appoint a chairman," Nardelli said in the letter. "The board also will select a CEO with Fiat's concurrence."
One possible successor could be Vice Chairman Tom LaSorda, who knows the company's manufacturing operations and has earned widespread respect from both United Auto Worker and Canadian Auto Worker union members since he was an hourly line worker in Canada.
He joined Chrysler in 2000 as a group vice president after 23 years at General Motors Corp. (GM) LaSorda was named CEO in 2005 but then stepped aside when Nardelli was installed as CEO by Cerberus.
The future of Chrysler Vice Chairman Jim Press is also unclear since he was also installed by Cerberus in September 2007 after a long career at Toyota Motor Corp. (TM).
The ONLY bad part... taking any of his "advice"...Chrysler CEO Bob Nardelli Confirms Departure
April 30, 2009: 01:59 PM ET
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.
Nardelli foreshadowed his own departure on April 17 when he sent a letter to employees telling them that Chrysler's future leadership would be decided jointly by the U.S. government and Fiat. The two entities will appoint a new board of directors.
"The board will have the responsibility to appoint a chairman," Nardelli said in the letter. "The board also will select a CEO with Fiat's concurrence."
One possible successor could be Vice Chairman Tom LaSorda, who knows the company's manufacturing operations and has earned widespread respect from both United Auto Worker and Canadian Auto Worker union members since he was an hourly line worker in Canada.
He joined Chrysler in 2000 as a group vice president after 23 years at General Motors Corp. (GM) LaSorda was named CEO in 2005 but then stepped aside when Nardelli was installed as CEO by Cerberus.
The future of Chrysler Vice Chairman Jim Press is also unclear since he was also installed by Cerberus in September 2007 after a long career at Toyota Motor Corp. (TM).
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I can't imagine that anyone else would want to hire him after what he has done with Home Depot and Chrysler.....
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I'm sure it's already above that for the 2 years he took to destroy Chrysler... excuse me, accelerate and guarantee Chrysler's destruction...Originally Posted by SLegacy99
Another 300 million dollar severance package for him right?
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Originally Posted by BLK98GS3
I can't imagine that anyone else would want to hire him after what he has done with Home Depot and Chrysler.....
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Keep going guys... you're getting warmer... don't hold back... I won't...Originally Posted by Trexus
Bob Nardelli was overpaid and did nothing for Chrysler...
Let's see.... who's doing well... mmmm... I guess he should be CEO of either Fed Ex or Pfizer by what, September 2010???
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Nardelli sad he decided that now was the time to announce his departure and that he wasn't asked to step down by the Obama administration.
Bull ******. I don't buy that line for one second. Obama has a record, since January, of either firing corporate execs outright or putting enormous pressure on them. He regularly uses the Presidential bully pulpit on them. I dont' see why Nardelli would be any different.Nardelli sad he decided that now was the time to announce his departure and that he wasn't asked to step down by the Obama administration.
does this mean Jim Press takes the step up?
I figure if anybody can at least make an effort to improve, it'll be Jim Press...
I figure if anybody can at least make an effort to improve, it'll be Jim Press...
Trexus
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He may have inherited Chrysler's problem but didn't do too much to solve it...Originally Posted by 4TehNguyen
guys dont be too harsh, he inherited the problem!!!!!