[Press Release] Old Chrysler On the New Chrysler

 Jeeps  No Responses »
Aug 072007
 

*A Press Release From Chrysler…*

The New Chrysler today issued the following statement from Tom LaSorda, President and CEO, regarding the closing of a transaction for the company: “With the transaction complete, we can now focus all of our efforts on our day-to-day business by moving faster, quickly reacting to customer needs and bringing out industry- leading products,” said LaSorda. “We have support from two solid partners – Cerberus and Daimler – which will give us the strong financial backing and the resources we need to fuel the long-term success of this great company.”

The New Chrysler will celebrate its “First Day” on Monday, August 6, at its Auburn Hills, Michigan world headquarters building and its facilities around the world. The company will continue to roll out the launch of The New Chrysler throughout the year. The Pentastar logo will also return as the company’s corporate mark in an updated form, and will be unveiled Monday.

 Posted by at 5:00 am

Nardelli Is New Chrysler CEO

 Chrysler  No Responses »
Aug 062007
 

Cerberus has [hired Robert Nardelli](http://money.cnn.com/2007/08/05/news/companies/chryslernardelli.fortune/index.htm?postversion=2007080523 “Robert Nardelli”) to be their new CEO. This is the guy whose previous job ended in disgrace. His claim to fame was that Home Depot’s stock had dropped 40%, all while he received a giant compensation package.

>Nardelli angered Home Depot shareholders when he refused to take questions during a shareholder meeting in May 2006 as the stock was floundering. His rich pay package drew fire; he earned $38.1 million last year. Ultimately he was forced out of the company in January 2007, but left with a $210 million golden parachute in cash and stock options that included a $20 million severance payment and retirement benefits of $32 million.
>
>To be sure, plenty of executives before Nardelli have gotten away with big paychecks and imperious behavior. In the end, it was the stock price that got him. As Bernie Marcus, co-founder of Home Depot, told Fortune after Nardelli’s departure, “if the stock had doubled, who would have cared? Instead it went nowhere, and that’s what this is all about.”

Usually, when CNN need to use the term that’s right in their article, it’s a little shocking to the rest of the world.

>That’s right. Ceberus has confirmed that the disgraced former CEO of Home Depot (Charts, Fortune 500), who became the poster child for excessive CEO compensation, has taken the reigns at Chrysler. On the day the deal was finalized, August 3, Nardelli was elected to the Chrysler board. Soon after, the directors appointed him chairman and chief executive.

 Posted by at 3:37 am

It’s No Longer Daimler-Chrysler

 Chrysler, Jeeps  No Responses »
Aug 052007
 

Daimler and Chrysler are two separate companies again. This past week Daimler official closed it’s sale of Chrysler to Cerberus Capital. Now is when the big questions related to Jeep will begin to appear. Will Cerberus invest in the company or will they scale back to basics. I’m of the belief that they should scale back and focus on the vehicles that do well. Trim the fat, and work on constructing new vehicles that are actually useful, unline the Jeep Compass.

 Posted by at 6:53 pm
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