Part of yesterday's announcement that Chrysler is going to enter Chapter 11 bankruptcy proceedings is that Chrysler’s chairman and chief executive, Bob Nardelli will step down once the restructuring process is complete.
When Nardelli leaves Chrysler, he will leave with nothing. Meaning he will not get a hefty severance package.
I’ll pick up my pencil and walk out the door”, Nardelli said on Thursday.
In contrast when Nardelli left his last post at Home Depot he made $32 million in his last year and also received a severance package worth $210 million. Nardelli did not have a contract at Chrysler when he took control of the automaker in August 2007.
Following the completion of the restructuring process, Fiat will control 20 percent of Chrysler, which could rise up to as much as 35 percent as Fiat pays off the government loans that Chrysler received. Nardelli's replacement will be decided upon by Chrysler's new board and with Fiat's approval.
Full Story: Financial Times
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Chrysler Files for Chapter 11, but Comes to an Agreement with Fiat
Comments (7)
30 years of monumental mismanagement and union excesses finally bear fruit...
Posted by WS | May 1, 2009 6:23 AM
Posted on May 1, 2009 06:23
What a douche
Posted by Cashmoney | May 1, 2009 7:40 AM
Posted on May 1, 2009 07:40
Bull, he raped Chrysler then stomped it into the dirt, only to piss on it and laugh while walking away with that good-ol boy smirk. He walks with a nice fat retirement already taken, more than 90% of us honest hard working folks will ever make, and spits on us while he walks by.
Posted by sparky | May 1, 2009 7:47 AM
Posted on May 1, 2009 07:47
Tell us how you really feel there sparky...
Its not like Chrysler was in good shape in 2007 when the guy took over. Chrysler was already face down in the mud. This guy did little but hold ground against the unions and their strangle hold.
Maybe you need to relax a bit.
Posted by Sandman | May 1, 2009 8:20 AM
Posted on May 1, 2009 08:20
Nardelli should walk away with a good swift kick in the pants after what he did to Home Depot. He received a $210 million severance package after being chased out by long-suffering shareholders of that company.
Posted by jim mcnearney | May 1, 2009 8:38 AM
Posted on May 1, 2009 08:38
Well I don't know how long Home Depot has been doing poorly, but I prefer Lowes much more.
-I rarely get help at HD.
-Every store is laid out in a different fashion (so are Lowes, but...)
-The store layout is confusing to say the least...
But competition is always a good thing, so as long as I have multiple places to shop I'm happy.
Posted by Brian | May 1, 2009 7:54 PM
Posted on May 1, 2009 19:54
@Brian,
True, what is up with Home Depot.. Used to be a great store especially for advice. I purchased a router, took it home, light bulb burned out in 1 month - guess what? No parts, told me I have to send the entire unit in to the manufacturer. (HD didn't even knew there was a light bulb or how to change it out - lol)
When I buy tools, I now avoid Lowes and Home Depot and shop at a local hardware store instead where they do service and stock parts. But for doors and remodeling, the big stores are great. Oh, and stay away from any tool made in China - I know that's almost impossible thou.
@Sandman:
Ya, forgot my prozac that morning. lol. Need to take a walk in his shoes I guess, but if I was on the BOD for Chrysler I would not of hired this guy with such a harsh exit from HD.
Posted by Lesux | May 2, 2009 10:30 AM
Posted on May 2, 2009 10:30