Can I get some of what Nardelli smokes?...
#1
Pole Position
Thread Starter
Join Date: Nov 2007
Location: Lake Country, WI
Posts: 2,794
Likes: 0
Received 0 Likes
on
0 Posts
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
Maybe I'm missing something here, but please explain to me what function Nardelli has right now and how he is earning a SINGLE penny of his "income"... it's Home Depot all over again, cost them extra money for ZERO production his last 1 1/2 years...
http://www.marketwatch.com/news/stor...82371B2E0BE%7D
http://www.marketwatch.com/news/stor...82371B2E0BE%7D
Chrysler's leadership to be decided by Fiat and U.S. government
By Jeff Bennett
DETROIT (MarketWatch) -- Chrysler LLC's future leadership will be determined by the U.S. government and Fiat FIATY 10.18, +0.59, +6.2%) if Chrysler succeeds at merging with the Italian auto maker.
Chrysler Chief Executive Officer Bob Nardelli, in a note to employees obtained by Dow Jones Newswires, said a new board of directors will be appointed by the federal government and Fiat once a deal is completed. The majority of the directors will be independent.
"The board will have the responsibility to appoint a chairman," Nardelli said in the letter. "The board also will select a CEO with Fiat's concurrence."
Nardelli's comments clarify speculation on who will control Chrysler if a merger deal with Fiat is completed and what role Nardelli might play in that new company.
Cerberus Capital Management LP, a private equity firm, installed Nardelli as Chrysler's leader in August 2007 after acquiring an 80.1% stake in the company from former partner Daimler AG. Fiat CEO Sergio Marchionne said earlier this week that he would be willing to take over as Chrysler's leader if asked.
Chrysler is racing to secure new union cost-cutting deals, reduce its debt and ink a Fiat partnership before the federally mandated April 30 deadline.
The Obama administration said it would not provide Chrysler additional access to low-interest loans if the requirements are not met which could result in the third-largest U.S. auto maker filing for bankruptcy protection.
General Motors Corp. is facing a June 1 deadline to also win further cost-concessions from its unions and debt holders if it wants to continue receiving access to low-interest loans. The auto maker is also in the process of shedding some of its brands including Hummer, Saturn and Saab. GM executives will update the media on its progress later Friday morning.
Nardelli, who was installed as CEO said seeking cost-concessions from the United Auto Workers and Canadian Auto Workers are "critical" to receiving continued support from the Obama administration. He didn't provide an update on the status of the talks.
The auto maker is also waiting to hear back from its creditors after the U.S. Department of Treasury extended a concessions proposal to the group. The debt holders are expected to respond shortly, Nardelli said.
"As we enter this crucial period, I want you to know that I appreciate your tireless efforts and dedication to the cause of ensuring Chrysler's future success," Nardelli said in the note. "I ask you to stay focused on the job at hand, remain positive about our future and keep supporting one another in everything you do."
By Jeff Bennett
DETROIT (MarketWatch) -- Chrysler LLC's future leadership will be determined by the U.S. government and Fiat FIATY 10.18, +0.59, +6.2%) if Chrysler succeeds at merging with the Italian auto maker.
Chrysler Chief Executive Officer Bob Nardelli, in a note to employees obtained by Dow Jones Newswires, said a new board of directors will be appointed by the federal government and Fiat once a deal is completed. The majority of the directors will be independent.
"The board will have the responsibility to appoint a chairman," Nardelli said in the letter. "The board also will select a CEO with Fiat's concurrence."
Nardelli's comments clarify speculation on who will control Chrysler if a merger deal with Fiat is completed and what role Nardelli might play in that new company.
Cerberus Capital Management LP, a private equity firm, installed Nardelli as Chrysler's leader in August 2007 after acquiring an 80.1% stake in the company from former partner Daimler AG. Fiat CEO Sergio Marchionne said earlier this week that he would be willing to take over as Chrysler's leader if asked.
Chrysler is racing to secure new union cost-cutting deals, reduce its debt and ink a Fiat partnership before the federally mandated April 30 deadline.
The Obama administration said it would not provide Chrysler additional access to low-interest loans if the requirements are not met which could result in the third-largest U.S. auto maker filing for bankruptcy protection.
General Motors Corp. is facing a June 1 deadline to also win further cost-concessions from its unions and debt holders if it wants to continue receiving access to low-interest loans. The auto maker is also in the process of shedding some of its brands including Hummer, Saturn and Saab. GM executives will update the media on its progress later Friday morning.
Nardelli, who was installed as CEO said seeking cost-concessions from the United Auto Workers and Canadian Auto Workers are "critical" to receiving continued support from the Obama administration. He didn't provide an update on the status of the talks.
The auto maker is also waiting to hear back from its creditors after the U.S. Department of Treasury extended a concessions proposal to the group. The debt holders are expected to respond shortly, Nardelli said.
"As we enter this crucial period, I want you to know that I appreciate your tireless efforts and dedication to the cause of ensuring Chrysler's future success," Nardelli said in the note. "I ask you to stay focused on the job at hand, remain positive about our future and keep supporting one another in everything you do."
#3
Lexus Fanatic
#4
Lexus Fanatic
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
I am smoking it right now. I will pass it in a minute. LOL
I have to say tat the clowns at Chrysler co never fail to amaze me with their stupidity and poor business desicions
I have to say tat the clowns at Chrysler co never fail to amaze me with their stupidity and poor business desicions
#5
Pole Position
Thread Starter
Join Date: Nov 2007
Location: Lake Country, WI
Posts: 2,794
Likes: 0
Received 0 Likes
on
0 Posts
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
![Uhh...](https://www.clublexus.com/forums/images/smilies/1387914497.gif)
#6
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
I think Nardelli is doing exactly what the job description of CEO is. All the CEO's who are not the founders, are just pencil pushers who brings nothing to the table as far as creating value. Nardelli destroyed shareholder value at Home depot while the broader market was up like 30% in same time period and got paid 240 million+ for those fantastic 6 years at HD. I'm amused that he got hired as a CEO after HD fiasco but then what else do you expect from jokers at Cerberus? These are the same geniuses who paid 7.5 billion for Chrysler in 2007.
#7
Pole Position
Thread Starter
Join Date: Nov 2007
Location: Lake Country, WI
Posts: 2,794
Likes: 0
Received 0 Likes
on
0 Posts
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
I think Nardelli is doing exactly what the job description of CEO is. All the CEO's who are not the founders, are just pencil pushers who brings nothing to the table as far as creating value. Nardelli destroyed shareholder value at Home depot while the broader market was up like 30% in same time period and got paid 240 million+ for those fantastic 6 years at HD. I'm amused that he got hired as a CEO after HD fiasco but then what else do you expect from jokers at Cerberus? These are the same geniuses who paid 7.5 billion for Chrysler in 2007.
BAWHAHAHAHAHAHAHAHA!!!!!!!!!!!!
Trending Topics
#8
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
What ever he's smokin it sure must be good. I remember when he came on board after Bernie and Arthur sold HD. Sucked the life blood out of the company, not to mention the millions he made...
Jitters
Jitters
#12
Lexus Fanatic
Thread
Thread Starter
Forum
Replies
Last Post
-J-P-L-
Car Chat
31
03-30-09 11:46 AM