That's what Michael Useem said about the appointment of Robert Nardelli as the CEO of Chrysler. (NYT) Considering Nardelli's exit from Home Depot in January, many commentators have been second-guessing the choice of Nardelli (see, e.g., W$J and FT). If this were a public company, I suspect that many investors would be screaming at the board of directors about how Nardelli knows nothing about cars. But Chrysler isn't a public company, and Nardelli's old boss, Jack Welch, thinks Nardelli is a "perfect fit" for Chrysler.
You may disagree. You may not like Nardelli. But you have to concede that Cerberus has every incentive to get this right.
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1. Posted by Jake on August 7, 2007 @ 21:21 | Permalink
By acknowledging the basic human self-interest in financial success, one may easily concede that Cerberus has "every incentive to get this right." A few questions dog my tired brain, however.
1. Why does a private-equity fund, presumably interested in maintaining the "private" part of that description, hire a media lightning rod like Nardelli?
2. How long will it take for Nardelli's employment agreement with Chrysler to surface?
3. Assuming we ever learn, how does that employment agreement discount, if at all, Nardelli's lamentable track record at Home Depot?
4. Is it truly possible to take a huge industrial concern, and iconic brand, like Chrysler "private"?
5. If anyone thinks so, return to Question #1 above.
Repeat process as often as needed.
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