Cerberus Hires Ex-Depot CEO Nardelli To Lead Chrysler Turnaround

Aug. 6, 2007
New owner announces other leadership changes at executive level.

New York-based Cerberus Capital Management announced yesterday that it has appointed Bob Nardelli as Chairman and CEO of Chrysler LLC. The Board also announced that former CEO Tom LaSorda will remain on the payroll as vice chairman and president of Chrysler LLC, reporting to Nardelli.

Eric Ridenour, chief operating officer, has elected to leave the new company to pursue other opportunities. The COO position will not be filled going forward.

The company also announced that concurrent with the close of the Chrysler transaction on August 3, 2007, a new Board of Directors of Chrysler LLC was formed. It consists of 11 members, including Nardelli, LaSorda, representatives of Cerberus and Daimler, and independent directors.

A new advertising campaign and the return of the Pentastar logo were likewise announced.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!