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Robert Nardelli Named New Chrysler Chairman

Robert Nardelli Named New Chrysler Chairman

Cerberus Capital Management closed a deal on the purchase of 80.1 percent of stake in Chrysler for 7.4 billion dollars.

New owner of car manufacturer Chrysler, private equity Cerberus Capital Management company, has nominated former Home Depot company head Robert Nardelli as the chairman of this fallen car company, yonder media report.

This 59-year-old was named chairman and executive director. He will be substituting Tom LaSorda at this post, who will become company management president, sources told New York Times and Wall Street Journal. Chief operative director Eric Rideonour will leave the company and nobody will replace him.

In January this year, Nardelli was relieved from duty as CEO of Home Depo retailer of home improvement chain due to investors` criticism on account of realised profit of 215 million dollars and a share price drop by almost 8 percent during his 6-year company management.

Before his arrival at Home Depot, the 53-year-old Nardelli was chief executive officer at General Electric.

Last Friday, Cerberus closed a deal on the purchase of 80.1 percent of stake in Chrysler from DaimlerChrysler for 7.4 billion dollars. DaimlerChrysler will keep the remaining 19.9 percent of stake in the company.

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