Detroit – Chrysler’s new private owners have picked former Home Depot boss Bob Nardelli to head the No. 3 U.S. automaker in its effort to return to financial health, a person close to the process said Sunday.
The board of the reorganized Chrysler LLC elected Nardelli as chairman and chief executive, according to a person familiar with the decision. The person spoke on the condition of anonymity because the appointment was to be officially announced today.
Nardelli, who became chief executive of The Home Depot Inc. in 2000, resigned abruptly in January after criticism over his pay and the company’s slumping share price.
Former Chrysler executive Wolfgang Bernhard, a senior adviser to Cerberus, had been widely expected to be named chairman. He was offered a position with the company but elected not to accept it, the person said.
Tom LaSorda, who led Chrysler as a unit of DaimlerChrysler AG, was named vice chairman and president of Chrysler, reporting to Nardelli, the person said.
Chrysler’s chief operating officer, Eric Ridenour, decided to leave the automaker after 23 years, the person said.
On Friday, DaimlerChrysler transferred an 80.1 percent stake in Chrysler to New York-based Cerberus Capital Management LP, one of the world’s largest private equity companies, in a $7.4 billion deal. The German automaker, which is to be renamed Daimler AG, retained a 19.9 percent interest in Chrysler.
