Autoblog

Ex-Chrysler CEO Nardelli exits Cerberus

Jonathon Ramsey — Mon, 12 Mar 2012 10:30:00 EST

Filed under: Etc., Hirings/Firings/Layoffs, Chrysler

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.

Ex-Chrysler CEO Nardelli exits Cerberus originally appeared on Autoblog on Mon, 12 Mar 2012 10:30:00 EST. Please see our terms for use of feeds.

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Tony Stewart leaving Gibbs Racing after '08 season

Merritt Johnson — Fri, 11 Jul 2008 16:03:00 EST

Filed under: Motorsports

For some time now, rumors have been flying around the NASCAR pits about Tony Stewart's future with Joe Gibbs Racing. Many speculators felt certain that Stewart would break out of his Gibbs Racing contract for a chance at part ownership of the Haas/CNC team. However, both sides assured that any resolution would not be reported before season end. Not quite. possibly tiring of incessant media questioning, the official details have now been made public. Joe Gibbs Racing will in fact be releasing Tony Stewart from his contract a year early. As expected Stewart will take on a part ownership role with HAAS/CNC, set to become Stewart Haas Racing.

The deal leaves no burned bridges between Stewart and his ten-year home though, as both parties stand to gain plenty. After all, it's rumored that Stewart's move will award him the largest salary in NASCAR. Not to mention that Joe Gibbs Racing has a stable of eager up and coming drivers willing to jump in the empty seat. Part of the deal also assures that all of the Home Depot car's talented crew stay a part of Joe Gibbs Racing. Stewart's new role as owner sees him moving from Home Depot sponsorship to the more fitting corporate image of Office Depot.

[Source: ESPN, Image: Geoff Burke/Getty]

Tony Stewart leaving Gibbs Racing after '08 season originally appeared on Autoblog on Fri, 11 Jul 2008 16:03:00 EST. Please see our terms for use of feeds.

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BREAKING: Former Home Depot chief Bob Nardelli to be Chrysler's new Chairman and CEO

Alex Nunez — Sun, 05 Aug 2007 22:57:00 EST

Filed under: Chrysler

That Wolfgang rumor? It appears that we can file it under "not accurate." The new chief executive of Chrysler LLC will not be the former wunderkind. Instead, former Home Depot CEO Robert Nardelli will assume the top spot in Auburn Hills, according to reports in both the New York Times and Wall Street Journal. Chosen by Cerberus because of his turnaround expertise, Nardelli will reportedly receive a performance-based compensation package, i.e. if the company doesn't show improvement, he won't be paid.

Mr. Nardelli left Home Depot in January after developing a strained relationship with shareholders over his compensation package and the company's stock price. However you look at it, the appointment comes as a surprise. The New York Times reports that current Chrysler chief Tom LaSorda will assume the role of vice-chairman and president. The Wall Street Journal is also reporting that current Chrysler COO, Eric Ridenour, will likely depart the company.

No official word from Chrysler yet, but we assume that's coming soon.

UPDATE: Chrysler's official announcement is now pasted after the jump.

[Sources: New York Times, Wall Street Journal via Jalopnik]

Continue reading BREAKING: Former Home Depot chief Bob Nardelli to be Chrysler's new Chairman and CEO

BREAKING: Former Home Depot chief Bob Nardelli to be Chrysler's new Chairman and CEO originally appeared on Autoblog on Sun, 05 Aug 2007 22:57:00 EST. Please see our terms for use of feeds.

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Home Depot to sell auto parts

Erin Mays — Thu, 13 Apr 2006 16:05:00 EST

Filed under: Aftermarket, Maintenance, Etc.

10 Home Depot stores in Florida are on an auto parts test run for America's largest home-improvement retailer. The stores each have about 500 square feet chock-full of auto parts at discount prices, undercutting competitors by more than 20 percent in some cases. The company hopes that male do-it-yourselfers,their prime demographic, won't be able to resist as they pass by aisles of motor oil, fuel additives and other supplies. All of which must be keeping executives at AutoZone and Pep Boys up late.

[Source: The Detroit News]

Home Depot to sell auto parts originally appeared on Autoblog on Thu, 13 Apr 2006 16:05:00 EST. Please see our terms for use of feeds.

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