Pam Member Username: Pam
Post Number: 2231 Registered: 11-2005
| Posted on Monday, August 06, 2007 - 9:46 am: | |
http://www.freep.com/apps/pbcs .dll/article?AID=/20070806/BUS INESS01/70806015 |
Quozl Member Username: Quozl
Post Number: 1143 Registered: 07-2005
| Posted on Monday, August 06, 2007 - 9:58 am: | |
The above link contains: LaSorda welcomes new boss Nardelli to Chrysler August 6, 2007 By TIM HIGGINS FREE PRESS BUSINESS WRITER Tom LaSorda, now Chrysler's No. 2 executive under new owner Cerberus Capital Management, is welcoming Robert Nardelli to the Auburn Hills automaker. “We are excited to welcome Bob to the Chrysler family,” LaSorda said in a statement issued late Sunday night. "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." Cerberus, a New York private equity firm, finalized its deal to acquire 80.1% of Chrysler from DaimlerChrysler AG last Friday. Today, Chrysler plans to hold a celebration of the new ownership and many employees had wondered what kind of surprises would be unveiled. Nardelli being named as the CEO and chairman wasn't expected. After the deal was announced in May, Cerberus officials had indicated that Chrysler's then-CEO and president LaSorda would stay in his role. As part of the new shakeup, LaSorda continues to be Chrysler president and becomes vice chairman. He reports to Nardelli. Cerberus Chairman John Snow said publicly several times that the firm was behind LaSorda's plans to restructure the automaker, which lost $680 million last year and $2 billion in the first quarter of this year. "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," Nardelli said in a statement. "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." As part of the Chrysler shakeup, Eric Ridenour, the automaker's chief operating officer, is leaving the company. "Eric gave this company 23 years of great service and leadership," LaSorda said. "We wish him well in his new pursuits." Much better unbiased report can be found here: http://money.cnn.com/2007/08/0 5/news/companies/chryslernarde lli.fortune/ |
Johnlodge Member Username: Johnlodge
Post Number: 1512 Registered: 10-2003
| Posted on Monday, August 06, 2007 - 10:02 am: | |
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Cambrian Member Username: Cambrian
Post Number: 1408 Registered: 08-2006
| Posted on Monday, August 06, 2007 - 10:12 am: | |
Great news! When he messes up here, Chrysler can pay him 300 million to quit like Home Depot did. That is for sure better then giving to the UAW people. |
Unclefrank Member Username: Unclefrank
Post Number: 72 Registered: 03-2006
| Posted on Monday, August 06, 2007 - 11:36 am: | |
If a SOB like LaSorda was considered too nice, this new guy should be a real terror. Good luck Chrysler! |
Jeduncan Member Username: Jeduncan
Post Number: 121 Registered: 11-2006
| Posted on Monday, August 06, 2007 - 2:52 pm: | |
That man turned Home Depot into a shitty place to work. |
Gravitymachine Member Username: Gravitymachine
Post Number: 1759 Registered: 05-2005
| Posted on Monday, August 06, 2007 - 3:27 pm: | |
without wolfgang berhardt in there, there is no hope for future automotive successes from chrysler. |
Rb336 Member Username: Rb336
Post Number: 1017 Registered: 02-2007
| Posted on Monday, August 06, 2007 - 3:28 pm: | |
Shall we start the funeral dirges? |
Fury13 Member Username: Fury13
Post Number: 1976 Registered: 10-2003
| Posted on Monday, August 06, 2007 - 4:00 pm: | |
If Nardelli brings back the Plymouth brand, I'll back him 100 percent. |
Quinn Member Username: Quinn
Post Number: 1427 Registered: 01-2005
| Posted on Monday, August 06, 2007 - 4:30 pm: | |
Wasn't that guy fired from Home Depot with a $200 Million Golden Parachute? That's a crappy store...dark and dingy. All around bad service. How nice that he thought of himself though with that money when he left. (http://www.washingtonpost.com/ wp-dyn/content/article/2007/01 /15/AR2007011501263.html) What qualifies him to lead Chrysler? |
Patrick Member Username: Patrick
Post Number: 4781 Registered: 10-2003
| Posted on Monday, August 06, 2007 - 4:40 pm: | |
At first I read that he was a total failure, but he did bring in profits....while stepping on toes. He seems like a hard-nosed bean counter. I am giving him a chance before I shit-talk. jack Welch constantly praises him so it does say something. Of course, the invisible people on DY will say otherwise. |
Jazzstage Member Username: Jazzstage
Post Number: 12 Registered: 08-2007
| Posted on Monday, August 06, 2007 - 4:46 pm: | |
Interesting article on Leadership: http://www.fastcompany.com/mag azine/117/column-made-to-stick .html I'll keep an open mind on Nardelli for now |
Ccbatson Member Username: Ccbatson
Post Number: 1786 Registered: 11-2006
| Posted on Monday, August 06, 2007 - 4:49 pm: | |
Let's assume the folks at Cerebrus are making a good faith attempt and know what they are doing. |
Johnlodge Member Username: Johnlodge
Post Number: 1538 Registered: 10-2003
| Posted on Monday, August 06, 2007 - 4:54 pm: | |
CEOs: Too much credit when things go right, too much blame when things go wrong, too much money either way. |
Cambrian Member Username: Cambrian
Post Number: 1413 Registered: 08-2006
| Posted on Monday, August 06, 2007 - 4:57 pm: | |
I noticed the luxury of Cerebus being a private endeavor means no share holders, which means no disclosure of executive compensation. Can we expect to see more of this? |
Jazzstage Member Username: Jazzstage
Post Number: 13 Registered: 08-2007
| Posted on Monday, August 06, 2007 - 5:05 pm: | |
Cambrian - I would expect to see more. I think the passage of Sarbanes/Oxley may have played a role in why. I'm sure there are other factors as well. http://www.soxlaw.com/ |
Yvette248 Member Username: Yvette248
Post Number: 807 Registered: 10-2006
| Posted on Monday, August 06, 2007 - 5:13 pm: | |
Amen Johnlodge. I will hold my opinion and wait with bated breath. The press conference this morning was a breath of fresh air from the staid, read-a-prepared-statement & walk away routine. |
Johnlodge Member Username: Johnlodge
Post Number: 1542 Registered: 10-2003
| Posted on Monday, August 06, 2007 - 5:17 pm: | |
"I noticed the luxury of Cerebus being a private endeavor means no share holders" Sometimes shareholders are a pain in the ass though, right? Always looking for the short term gains, not willing to see the big picture, the long term improvements, the stuff that really matters in business building? I'm sure not all the time, but sometimes it certainly seems that way. |
Cambrian Member Username: Cambrian
Post Number: 1415 Registered: 08-2006
| Posted on Monday, August 06, 2007 - 5:26 pm: | |
You should see that film with James Garner; Barbarians at the Gate. There's a lot of parallels here. |
Unclefrank Member Username: Unclefrank
Post Number: 73 Registered: 03-2006
| Posted on Monday, August 06, 2007 - 6:05 pm: | |
Jack Welch is a first class turd. One of his buddies almost ran my company (EDS) into the ground. This guy should be a chip off the old block. |
Danny Member Username: Danny
Post Number: 6328 Registered: 02-2004
| Posted on Monday, August 06, 2007 - 8:46 pm: | |
LaSorda WHAT!!!!! Why a private company who was named after a 3 headed dog hire a guy who fixes houses and light bulbs and don't know jack about the global automobile market? Sounds silly to me! |
Ccbatson Member Username: Ccbatson
Post Number: 1793 Registered: 11-2006
| Posted on Monday, August 06, 2007 - 9:35 pm: | |
Cambrian, the fatal flaw of comparing reality to fiction...zero credibility. What is it anyone's business what a private (not publically traded) company pays it's employees? |
Bearinabox Member Username: Bearinabox
Post Number: 252 Registered: 04-2006
| Posted on Monday, August 06, 2007 - 9:47 pm: | |
^^Chrysler's performance is closely related to that of this region as a whole. To me it seems logical for people who live and work here and would like to see the area thrive to take an interest in how the company is run. |
Ccbatson Member Username: Ccbatson
Post Number: 1812 Registered: 11-2006
| Posted on Monday, August 06, 2007 - 10:59 pm: | |
A good sentiment, but not justification to defy the rule of law and demand something from a private company that is priviledged information. |
Bearinabox Member Username: Bearinabox
Post Number: 254 Registered: 04-2006
| Posted on Tuesday, August 07, 2007 - 1:29 am: | |
I must have missed the part of this thread where Cambrian "defied the rule of law" or demanded anything from anybody. The closest he came was commenting that there would be "no disclosure of executive compensation." Does he not have the right to make that factual statement? |
Cambrian Member Username: Cambrian
Post Number: 1418 Registered: 08-2006
| Posted on Tuesday, August 07, 2007 - 9:57 am: | |
I sense trouble the more I hear about this guy. He all ready got burned at Home Depot for being a pig. The cost of borrowing just jumped and Cerebus wants a return on thier investment much sooner now. I think we can expect to see a fire sale in Auburn Hills by the end of the year where a few poeple get to walk away with a cool couple a billion bux. |
Viziondetroit Member Username: Viziondetroit
Post Number: 1093 Registered: 11-2003
| Posted on Tuesday, August 07, 2007 - 10:41 am: | |
"^^Chrysler's performance is closely related to that of this region as a whole. To me it seems logical for people who live and work here and would like to see the area thrive to take an interest in how the company is run." ^^^^^ Let it go man.... it ain't gonna happen. It's a private company.... "WE" are too used to the publicly traded school of thought. Time to move on from that and sit and wait... when you open your personal finance books to companies who operate in your area so they can take an interest and see you thrive, it will happen :-D |
Lefty2 Member Username: Lefty2
Post Number: 14 Registered: 07-2007
| Posted on Wednesday, August 08, 2007 - 6:32 pm: | |
I hope they pay him in stock only so if Chrysler's stock tanks like Home Depot's did, the shareholders won't be holding a limp drive shaft (nice bundy pic JohnLodge) |