Chrysler: LaSorda Out, Nardelli In
Just two days following the formal takeover of Chrysler by new owners Cerberus Capital Management, the Three Headed Dog is already rolling heads, despite its earlier promises to keep the management team intact. The Detroit News reports that Chrysler Group CEO Tom LaSorda is on his way down with a demotion to president, while chief operating officer and long-time Chrysler veteran Eric Ridenour is heading for the door. Taking the CEO slot is none other than former Home Depot chairman Robert Nardelli, an autocrat best known for improving the hardware retailer's efficiencies while damaging employee morale before bailing out at the beginning of this year with a controversial $210 million golden parachute. Time will tell whether Nardelli, who also turned around GE's once-ailing Power Systems turbine manufacturing business under Jack Welch, will make a successful transition from moving pallets of mallets to minivans "engineered beautifully." Stay tuned.