Breaking: Robert Nardelli says he will step down as Chrysler CEO after it

[RB TexLa]

emerges from bankruptcy.

Chrysler's CEO says he'll leave after bankruptcy
15 minutes ago

DETROIT (AP) — Chrysler CEO Robert Nardelli says he will step down after the company emerges from bankruptcy protection.

President Barack Obama announced Thursday that the automaker would file for Chapter 11 after the government could not reach a debt-reduction agreement with creditors.

Nardelli says on the CNBC cable network that the Treasury Department did not ask him to resign. But he felt it would be an appropriate time to leave after bankruptcy.

Chrysler has signed a partnership deal with Fiat. Nardelli says the new company will be run by a nine-person board, with six picked by the government and three by Fiat. The board will pick a new CEO.

Nardelli became Chrysler's CEO when Cerberus Capital Management bought the majority of the automaker in 2007.



http://www.google.com/hostednews/ap/article/ALeqM5i7qiCPu-_NonnK9UHUP5htV_1MRgD97STDAO0

[aquart]

1. After first assuring that he gets his?

[noamnety]

2. I'm sure, given his history

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.

However, a source inside Cerberus says that Nardelli will receive only $1 a year in base salary. This person would not go into detail regarding the rest of Nardelli's pay package, and would only add that Nardelli's pay will be directly tied to the success of Chrysler's turnaround.

(snip)

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.

http://money.cnn.com/2007/08/05/news/companies/chryslernardelli.fortune/index.htm

[aquart]

6. That's some history, all right.

Is being a greedy bastard a CEO job requirement?

[shaniqua6392]

3. Does he get to keep the fully loaded Chrysler 300 that he picked up a few weeks ago??

The company is going down the shitter and he can't keep driving the free car he got last year?? I guess the new car smell wore off. Good riddance to bad rubbish. I am sure all of the white collar Chrysler employees over at the headquarters will try to look busy when Fiat comes in. They now spend their days gibbering at each other over coffee all day and never do a lick of work over there. The only ones who are worth a crap are the blue collar men and women who actually build the cars.

[backscatter712]

4. Does the bankruptcy mean the courts can yoink his golden parachute?

I certainly fucking hope so...

[RB TexLa]

5. The courts can do just about anything in bankruptcy