Monday, August 06, 2007

Nardelli is back for more

Shifting gears (!) a little from my normal topics, I was interested to read about Bob Nardelli accepting a management post at Chrysler. You may remember ole' Bob as the guy who, while CEO of Home Depot, pissed off the shareholders by refusing to answer questions during the annual meeting and (more importantly) generating flat returns on the stock price. Known as an operations guy at GE, he mis-extended Home Depot into the wholesale market and lost traction again Lowes. After getting fired for all that, it was revealed that he had negotiated a nice $210 million severance package for himself.

All in all, not the greatest PR a guy could get. People spent the better part of a month flagellating the guy. I just assumed he'd buy a house in the Hamptons and do whatever really rich people do: sail a boat, marry a younger woman, whatever...don't get me wrong, it's not his fault Home Depot agreed to this monstrous severance package, he is certainly entitled to enjoy the fruits of his "labor".

But you have to give this guy credit, here is today at a press conference talking about his plans for turning around Chrysler. Quite a bold move for a guy with a bulls eye on his back. Of course, now, the only shareholder he has to deal with is Cerberus, a private equity firm.

Here is the Wall Street Journal's take on the deal:

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