Home |
Search |
Today's Posts |
|
Woodworking (rec.woodworking) Discussion forum covering all aspects of working with wood. All levels of expertise are encouraged to particiapte. |
|
LinkBack | Thread Tools | Display Modes |
#1
Posted to rec.woodworking,rec.crafts.metalworking
|
|||
|
|||
OT - What Do Home Depot and Chrysler Have In Common?
Just amazing.....
TMT Ex-Home Depot boss to lead New Chrysler By DEE-ANN DURBIN, AP Auto Writer Chrysler began its new life as a private company on Monday with an auto-industry outsider taking the wheel. Bob Nardelli, who left Home Depot in January after a shareholder rebellion over his outsized pay, was named to head the company, replacing Tom LaSorda, who is taking the No. 2 slot. Nardelli and LaSorda shared a handshake and posed for pictures during a celebratory event at Chrysler's headquarters in Auburn Hills. "We'll move forward with speed and a renewed focus on meeting the needs of our customers," Nardelli said. Some wondered what effect Nardelli's hiring would have on ongoing contract talks with the United Auto Workers, but Nardelli was quick to point out Monday that union President Ron Gettelfinger already has been contacted about the executive shake-up at Chrysler in a two-hour meeting. LaSorda, Chrysler LLC's newly named president and vice chairman, still will be at the forefront of "what could be a landmark negotiating period" not only for Chrysler, but for the auto industry, Nardelli said. Like other U.S. auto companies, Chrysler has been struggling to make a profit while sales were falling and pension and retiree health costs were rising. Chrysler made $1.8 billion in 2005 but lost $618 million in 2006 and $1.98 billion before interest and taxes in the first quarter of this year. DaimlerChrysler didn't report second-quarter earnings for Chrysler because of the impending sale. Chrysler also said Monday that following a nine-year hiatus, the Pentastar is coming back as the corporate mark for the company. First used as a logo in 1962, the five-pointed star is returning with a three-dimensional update. The symbol will be used on buildings, signage and corporate stationery. Former Chrysler executive Wolfgang Bernhard, a senior adviser to Cerberus, had been widely expected to be named chairman. He was offered a position with the company but elected not to accept it. On Friday, DaimlerChrysler AG transferred an 80.1 percent stake in Chrysler to New York-based Cerberus Capital Management LP, one of the world's largest private equity companies, in a $7.4 billion deal. The German automaker, which is to be renamed Daimler AG, retained a 19.9 percent interest in Chrysler. Cerberus Chairman John Snow previously had said Cerberus planned to keep Chrysler's management team in place and give it the freedom to implement its restructuring plan, which currently calls for shedding 13,000 hourly and salaried jobs in the U.S. and Canada by 2009. Nardelli helped increase revenue and profits at Home Depot and boost the number of stores the company operates. But he resigned from the company after it came under intense criticism for his hefty pay and slumping stock price. Nardelli left Home Depot with a golden parachute worth $210 million. Nardelli said Monday that his compensation at Chrysler would be based on the company's performance. Besides Nardelli and LaSorda, the 11-member Chrysler board now includes representatives from Cerberus and DaimlerChrysler, as well as independent directors. Chrysler's chief operating officer, Eric Ridenour, decided to leave the automaker after 23 years, Chrysler said. ___ Associated Press Writer David N. Goodman in Detroit contributed to this report. |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
OT - What Do Home Depot and Chrysler Have In Common? | Metalworking | |||
Is Home Depot shafting shoppers? "Home Depot is a consistent abuser of its customers' time." | Home Repair | |||
FREE Home Depot Home Improvement How-To-Guide | Home Repair | |||
Home Depot at home services, any good reports? | Home Repair | |||
Chrysler Radio 1996 Dodge Stratus (Chrysler Sirrus?) Pinout question with GMC S15 Truck | Electronics Repair |