When Cerberus Capital Management owned Chrysler, it put former CEO Bob Nardelli in charge of The Pentastar. When Nardelli left, shortly after Chrysler came out of bankruptcy, he stepped across the corporate drawbridge and into a role at Cerberus, heading its Operations and Advisory Company. Now, Bloomberg reports that he's leaving that role in order to focus on his own investment and consulting firm, XLR-8, although he'll remain a senior advisor to Cerberus CEO Stephen Feinberg. Nardelli will also give up the CEO position at Freedom Group, a position he's held for two months at the Cerberus-owned firearms maker.
This is Nardelli's third departure in five years, having left The Home Depot in 2007 and Chrysler in 2009, but this time it's without any obvious controversy after a quiet tenure. His own firm, XLR-8, will keep him in the private equity ranks, as his company's mission is "to raise money to acquire underperforming companies, and to help them operate more profitably and improve their enterprise value." He will maintain a connection to Cerberus through his own company, with the private equite house expected to be lead investor on XLR-8's transactions.