Cerberus Capital Management on Monday named former Home DepotChief Executive Robert Nardelli as chairman and chief executive of Chrysler in an executive shake-up just after the private equity firm completed a deal to acquire the struggling No. 3 U.S. automaker.
Chrysler's current chief executive, Tom LaSorda, will stay on as president and vice-chairman and continue to lead ongoing talks with the United Auto Workers union as the automaker's No. 2 executive and a consultant to Cerberus.
In a further shake-up, Chrysler's current chief operating officer, Eric Ridenour, will leave and his post responsible for production and product planning will not be filled.
"Chrysler has many deeply talented and dedicated people, and I am confident that together we can continue the momentum of Chrysler's recovery and return this great American icon to a path for global growth and competitiveness," Nardelli said in a statement.
The leadership reshuffle comes after Cerberus closed its $7.4-billion acquisition of an 80.1% stake in Chrysler from former parent Daimler on Friday and underscored both the speed at which the private equity firm was moving to rescue the loss-making automaker and the risks it faces.