Chrysler CEO Bob Nardelli says he will step aside after the company emerges from Chapter 11 bankruptcy.
“Now is an appropriate time to let others take the lead in the transformation of Chrysler with Fiat,” Nardelli said in a statement. “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 White House expects the bankruptcy case to take 30 to 60 days.
Nardelli came to Chrysler in August 2007 after Cerberus Capital Management took an 80.1 percent stake in the automaker. He has guided the company through negotiations with the United Auto Workers and the Department of Treasury auto task force. Chrysler has been surviving on a $4 billion Treasury loan.
Nardelli, who turns 61 on May 17, represented the company in congressional hearings late last year. He plans to return to Cerberus as an adviser. Before heading Chrysler, Nardelli spent six controversial years as CEO of Home Depot, finally receiving a $210 million severance package when he left the retail giant in January 2007.
David Kelleher, a Philadelphia Chrysler-Dodge-Jeep dealer, praised Nardelli and Chrysler’s management team.
“If people on top of the board hadn’t done the job they did in the last six months, we wouldn’t have a company,” Kelleher said.
A senior administration official praised “the incredible role of Chrysler management and CEO Bob Nardelli. He led the team to this place and really deserves recognition for what he did.”
Filed by Bradford Wernle of Automotive News, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
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