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Bob NardelliThat 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]

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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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