Now that the new Chrysler Corp. has been created by Daimler AG selling a majority stake in the company to Cerberus Capital Management, the next question is who is in charge? In recent weeks, former Chrysler group chief operating officer Wolfgang Bernhard has been quite conspicuous in the halls of Chrysler's Auburn Hills headquarters. However, the announcement made clear that the current Chrysler management team led by Tom LaSorda would stay in place, at least for now.

Bernhard will not be part of Chrysler management but will stay with Cerberus. Almost certainly when Bernhard left Volkswagen early this year, his separation agreement included a no-compete clause probably for two years which prohibits him from taking a direct role at Chrysler. What we will probably see is Bernhard acting as a liaison between the equity firm and the carmaker. That probably means LaSorda has about eighteen months to turn things around before Wolfgang steps back in.

[Source: Detroit Free Press]