Chrysler in the news

A curious case of mismanagement - Robert Nardelli. From CNN, January 3rd, 2007:

Nardelli out at Home Depot
Robert Nardelli, the CEO of Home Depot who came under fire for the size of his pay package as well as his management style, stepped down and will leave the No. 1 home improvement retailer with a $210 million severance package, the company said Wednesday.

Home Depot said Nardelli resigned effective Tuesday and that vice chairman Frank Blake would succeed him. In a statement, Home Depot said the board and Nardelli had "mutually agreed on the decision."

From CNN, August 6th, 2007:

Robert Nardelli named CEO of Chrysler
As the deal to sell Chrysler to Cerberus Capital Management finally came to a close on Friday, there was one rather salient fact that slipped under the radar. Robert Nardelli was appointed Chrysler's chairman and chief executive officer upon the deal's completion.

That's right. Ceberus has confirmed that the disgraced former CEO of Home Depot (Charts, Fortune 500), who became the poster child for excessive CEO compensation, has taken the reigns at Chrysler. On the day the deal was finalized, August 3, Nardelli was elected to the Chrysler board. Soon after, the directors appointed him chairman and chief executive.

And how is he running Chrysler? Into the ground... From AutoBlog:

Bob Nardelli to Employees: We're cutting 25% of remaining white-collar jobs
"These are truly unimaginable times for our industry." That's how Chrysler CEO, Bob Nardelli, starts off a recent email to employees, just before dropping the bomb that the automaker intends to cut 25% of its salaried workforce beginning next month and continuing through the end of the year.

According to reports, Chrysler currently has 17,332 salaried workers, so 4,333 workers will be offered "voluntary" retirements and buyouts, while those who don't accept the automaker's offer, which includes "enhanced benefits" of cash and new vehicle vouchers, will be laid off. This is in addition to the 1,000 white-collar jobs Chrysler cut at the end of September.

And from CNN:

Chrysler CEO Urges Employees To Cut Costs After Loan Defeat
Chrysler Chief Executive Bob Nardelli Friday implored employees to do all they can to save money to keep the company afloat while it lobbies the Bush Administration for emergency loans.

In an e-mail to workers, Nardelli expressed disappointment that a measure to extend $14 billion in low-interest loans to Chrysler and General Motors Corp. ( GM) was blocked by the Senate Thursday. He said the company is in talks with the White House and U.S. Treasury over giving the auto makers access to funds allocated under the $700 billion Troubled Assets Relief Program for financial institutions.

How do people like him ever get hired? Sheesh -- talk about bad management! I have never run a large business but I have managed large projects and have run several successful small businesses. It cannot be that difficult to competently run a large business.

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This page contains a single entry by DaveH published on December 14, 2008 11:45 AM.

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