Crash&Burn: Chrysler picks a loser
According to the occasionally reliable New York Times, Chrysler has selected the guy Home Depot fired to run their company.
In case you’ve missed it, Home Depot has been under severe scrutiny by its shareholders as a consequence of diminishing per store sales and drooping market share.
Nonetheless, the man who ran the ship into the ground at Home Depot is now to be the captain at Chrysler.
Robert L. Nardelli, a man with less experience selling cars than the average used car salesman, will be running Chrysler because he has, according to the Times, “turnaround expertise.”
According to the Times, Wolfgang Bernhard – former executive at both Chrysler and Volkswagen – turned down the job, which is why it was offered to Nardelli.
Nardelli was hired by Home Depot from General Electric and ripped off the Home Depot shareholders to the tune of $210 million when he was fired.
Cerebus wisely waited to make the announcement until after it had closed the deal to purchase the company from Daimler.
They must be laughing in Stutgart.