Cerberus Management surprised nearly everyone by naming Bob Nardelli, the former CEO of home improvement giant Home Depot, to the CEO position at Chrysler . It had been expected that Chrysler would name Wolfgang Bernhard, Chrysler’s former COO, to the position.
The 59-year-old Nardelli served as CEO at Home Depot from 2000 until January, when he took a $210 million severance bonus. It is rumored that Nardelli won’t take a salary until Chrysler becomes profitable again. His salary is supposedly based on Chrysler’s equity value.
Tom LaSorda will reportedly continue as vice president and chairman of the board, according to Automotive News.
Nardelli is said to have been chosen because his retail experience could help Chrysler ’s dealership relations.
