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CNN Money DETROIT -(Dow Jones)- Chrysler LLC Chief Executive Bob Nardelli confirmed Thursday he will leave the auto maker after it completes the bankruptcy protection process.
Nardelli, who took over the leadership role on Aug. 6, 2007, said he decided that now was the time to announce his departure and that he wasn't asked to step down by the Obama administration. He will return to Chrysler owner Cerberus Capital Management as an adviser.
"Now is an appropriate time to let others take the lead in the transformation of Chrysler with Fiat," Nardelli said in a statement, referring to the alliance agreement with the Italian auto maker. "I will work closely with all of our stakeholders to see that this new company swiftly emerges with a successful closing of the alliance."
The exit of Nardelli, the former Home Depot CEO, clears the way for Fiat SpA ( FIATY) CEO Sergio Marchionne to either take over the top spot or name a successor. Fiat will contribute advanced technology and offer Chrysler access to a global distribution network. The Italian company will get an initial 20% equity stake in the reorganized company.
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http://money.cnn.com/news/newsfeeds/articles/djf500/200904301359DOWJONESDJONLINE000874_FORTUNE5.htm
I hope that he is not going to milk Chrysler the way he did with Home Depot
Home Depot Inc.'s board of directors wanted their controversial chief executive, Robert L. Nardelli, to amend his whopping compensation deals for recent years. After he pulled down $38.1 million from his last yearly contract, angry investors were promising an ugly fight at the company's annual meeting in May. Nardelli agreed to give up a guarantee that he would continue to receive a minimum $3 million bonus each year. But that's as far as he would go. When board members asked him to more closely tie his future stock awards to shareholder gains, he refused, according to people familiar with the matter. Nardelli has complained for years that share price is the one measure of company performance that he can't control. After weeks of secret negotiations, things came to a head at a board meeting on Jan. 2, leading to Home Depot's stunning announcement the next day that the company and Nardelli had "mutually agreed" that he would resign.
http://www.msnbc.msn.com/id/16469224/