If I was looking to turn a company around and make the most of the situation, the last person I think I would hire would be Nardelli.
As the deal to sell Chrysler to Cerberus Capital Management finally came to a close on Friday, there was one rather salient fact that slipped under the radar. Robert Nardelli was appointed Chrysler’s chairman and chief executive officer upon the deal’s completion.
That’s right. According to documents obtained by Fortune, the disgraced former CEO of Home Depot, who became the poster child for excessive CEO compensation, has taken the reigns at Chrysler.
…
However, a source inside Cerberus says that Nardelli will receive only $1 a year in compensation. He would not go into details as to how the rest of Nardelli’s compensation would be worked out, but he would only add that his salary is directly tied to the success of Chrysler’s turnaround.
Oh, you can bet his compensation is tied to the turn around, and you can bet he’s going to get compensated quite well at some point. It’s in his nature.
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