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.

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