Bob Nardelli Appointed as Chairman and CEO; Tom LaSorda to Continue with
Chrysler as Vice Chairman and President
AUBURN HILLS, MI, Aug. 5 /CNW/ - Chrysler LLC today announced that its
Board of Directors has appointed Bob Nardelli as Chairman and CEO of Chrysler
LLC. The Board also announced that Tom LaSorda has been appointed Vice
Chairman and President of Chrysler LLC, reporting to Nardelli.
"We are excited to welcome Bob to the Chrysler family," said LaSorda.
"Bob has a proven track record of success and an unwavering focus on
performance, and brings deep operational experience and a broad industry
background to Chrysler. His background in operations will provide valuable
knowledge as we continue Chrysler's turnaround."
"I am very excited to be part of a team focused on re-establishing
Chrysler as a standalone industry leader, with a renewed focus on meeting the
needs of customers," said Nardelli. "Chrysler has many deeply talented and
dedicated people, and I am confident that together we can continue the
momentum of Chrysler's recovery and return this great American icon to a path
for global growth and competitiveness."
In addition, 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. "Eric gave this company 23 years of great service and
leadership," said LaSorda. "We wish him well in his new pursuits."
Concurrent with the close of the Chrysler transaction on August 3, 2007,
the 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.
Cerberus and Chrysler would like to thank Wolfgang Bernhard for his
contributions leading to the closing of this transaction. Both Cerberus and
Chrysler had looked forward to his continuing contributions as Non-Executive
Chairman of Chrysler, however due to personal and family reasons he was not
able to accept that role.
Cerberus has also asked, and Tom LaSorda has agreed, to serve as the Vice
Chairman of Cerberus Operating and Advisory Company LLC (COAC), Cerberus'
proprietary operations advisory affiliate. In that role, Mr. LaSorda will
assist in the continuing development of COAC, which works closely with the
portfolio companies in which the funds and accounts managed by Cerberus are
Prior to joining Chrysler, Nardelli served as Chairman, President and CEO
of The Home Depot beginning in 2000. During his tenure at The Home Depot he
doubled sales as well as the number of store operations; moved globally into
Mexico and China; and delivered more than 20 percent earnings-per-share growth
for four consecutive years while growing dividends from 16 cents to 90 cents
per share. Nardelli also has extensive senior operations experience in
manufacturing and transportation systems.
Nardelli received his bachelor's degree in business from Western Illinois
University and earned a Master of Business Administration from the University
Nardelli, an Atlanta resident, chairs the Atlanta Board of Visitors of
the Savannah College of Art and Design and has also served on President Bush's
Council on Service and Civic Participation. He has also chaired the advisory
board for the nonprofit group Hands on Network and strongly supported KaBoom!,
a national nonprofit organization building community playgrounds. Nardelli
has received numerous awards for his strong support of military veterans, and
received the Distinguished Pennsylvanian Award from Gannon University (1995)
and the Distinguished Alumni Award from the College of Business and Technology
at Western Illinois University (1997 and 1999). He is an alumni fellow and
2001 Alumnus of the Year of the University of Louisville, and serves on the
National Visiting Committee Advisory Board, University of Louisville Graduate
School of Business.
About Chrysler LLC
Chrysler LLC, headquartered in Auburn Hills, Michigan, produces Chrysler,
Jeep(R), Dodge and Mopar(R) brand vehicles and products. Total sales
worldwide in 2006 were 2.7 million vehicles. Sales outside of North America
were the highest in a decade with an increase of 15 percent over 2005. On the
heels of the company's record product launch year (Chrysler launched 10 all-
new vehicles in 2006), the company plans to extend that streak with eight all-
new products in 2007. Its product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Commander and Dodge
Charger. The Chrysler Foundation, the company's philanthropic arm, gave
$23.6 million in grants in 2006.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the
world's leading private investment firms with approximately $26 billion under
management in funds and accounts. Through its team of more than 275
investment and operations professionals, Cerberus specializes in providing
both financial resources and operational expertise to help transform
undervalued companies into industry leaders for long-term success and value
creation. Cerberus is headquartered in New York City, with affiliate and/or
advisory offices in Atlanta, Chicago, Los Angeles, London, Baarn, Frankfurt,
Hong Kong, Tokyo, Osaka, and Taipei. More information on Cerberus can be
found at www.cerberuscapital.com.
For further information:
For further information: Jason Vines, (248) 752-3309, Mike Aberlich,
(248) 635-7072, Shawn Morgan, (248) 760-2621, all of Chrysler LLC; or Peter
Duda, (212) 445-8213, JJ Rissi, (212) 445-8224; or Cerberus Media Line, (212)
891-1558; Web Site: http://www.media.daimlerchrysler.com,