Chrysler Announces Leadership Changes
06 August 2007 - 2:47PM
PR Newswire (US)
Bob Nardelli Appointed as Chairman and CEO; Tom LaSorda to Continue
with Chrysler as Vice Chairman and President AUBURN HILLS, Mich.,
Aug. 5 /PRNewswire-FirstCall/ -- 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 invested. 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 of Louisville.
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
http://www.cerberuscapital.com/. DATASOURCE: Chrysler LLC CONTACT:
Jason Vines, +1-248-752-3309, Mike Aberlich, +1-248-635-7072, Shawn
Morgan, +1-248-760-2621, all of Chrysler LLC; or Peter Duda,
+1-212-445-8213, JJ Rissi, +1-212-445-8224, or Cerberus Media Line,
+1-212-891-1558 Web site: http://www.media.daimlerchrysler.com/;
http://www.cerberuscapital.com/; http://www.daimlerchrysler.com/
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