• May 14, 2007
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]


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    • 1 Second Ago
  • 8 Comments
      • 7 Years Ago
      #2

      Well written. I agree completely except for one thing.

      VW DOES want to be owned by Porsche. Piech is Ferdinand Porsche's grandson and the architect behind this whole thing.

      VW beeing owned by Porsche/Piech controlled Porsche AG is the insurance VW needs to be able to work in peace and continue wielding their influence undisturbed.
      • 7 Years Ago
      Oh, PLEASE put Bernhard back in charge.
      jw
      • 7 Years Ago
      TOOL. YOU HAVE IT RIGHT!!! GET RID OF ALL THOSE BUMBS..THEY ARE CROOKS THAT DON'T GIVE A SHIT ABOUT ANYTHING EXCEPT KEEPING THERE JOBS.HOW MANY DEALERS HAVE THIS AND PAST MANAGEMENT PUT OUT OF BUSINESS BUY SIMPLY SHIPPING AUTOS AND THEN SAYING WERE HERE TO HELP YOU...YA RIGHT..DON'T TRUST ANY OF THEM...TIME TO CLEAN HOUSE!!!!!!!!!!!!!!!!!
      • 7 Years Ago
      Delete sick comment # 6.
      • 7 Years Ago
      Wolfgang Bernhard should be Chrysler Chairman and CEO. Period.

      Big mistake to keep Tom LaSorda in place. After all, he was the guy who allowed the sales bank problem to happen.

      I'm really shocked that Cerberus has not committed to cleaning house. That is not to say that it won't happen, but they need to clean out the culture of mediocrity.

      • 7 Years Ago
      Wow, isn't Wolfgang just dreamy? Yummy. I'll have some wolf gang, burn hard.
      • 7 Years Ago
      Leaving LaSorda in charge is a major mistake. Tom obviously knows that his time is limited and, to those of us employed at Chrysler, appears to be following a scorched earth policy. As the German High Seas Fleet did at Scapa Flow, LaSorda will leave nothing of value for the new owners.
      • 7 Years Ago
      In any takeover, management usually remains for a couple of years as a figurehead only. Many times their contract requires the new owners to keep them on board. Cerberus Capital Management is not into making cars but to make money on investments. That company will be the one to decide how the company is managed.