Chrysler CEO To Resign After Bankruptcy

Robert Nardelli Says He Will Step Down After Automaker Emerges From Chapter 11

(AP)  Chrysler CEO Robert Nardelli will leave his post after the company emerges from bankruptcy protection, ending nearly two years of leadership that has seen sales and earnings slump as U.S. auto sales crumbled.

President Barack Obama announced Thursday that the automaker would file for Chapter 11 after the government could not reach a debt-reduction agreement with creditors.

Nardelli said in an e-mail to Chrysler employees that post-bankruptcy would be the appropriate time to leave. He will take a job as an adviser with Chrysler's one-time owners, Cerberus Capital management LP.

He says the Treasury Department did not ask him to resign.

Chrysler has signed a partnership deal with Fiat, and a new board will pick a new CEO with Fiat's concurrence.

Nardelli, former head of The Home Depot Inc., became Chrysler's CEO when Cerberus Capital Management bought the majority of the automaker in 2007.

In his e-mail, Nardelli told employees that their pay and benefits would continue under bankruptcy protection, and that its stay in bankruptcy should be short because of restructuring work done prior to the filing.

"It will allow a leaner new company to emerge in a matter of 30 to 60 days, well positioned for long-term viability. It's also very important to note that Chrysler's Canadian, Mexican and other international operations are not part of any bankruptcy filing," he said.

Most of Chrysler's assets including factories will be transferred to a new company "while assets and liabilities that are not consistent with our business plan will remain with the old company for disposition."

[start99]

Good!! I hope there are others that will want to follow in his footsteps to where we are now on the lower levels. Leave the president out of this yet he should have told the auto inductry to get themselves out of their own failures. What we got auditors for! unless they were CEO's too. Checks and measures? Anybody looking over this or have they been?

[whitemale08]

I hate to say this but it's time to look past President Obama's presidency because the bail-outs of Goldman Sucks and their worthless derivatives and credit-default swaps will bankrupt the United States and plunge America into a New Dark Age.

What we have to worry about now is a post-Obama regime that will happen in very short order because we nor the President has the guts to put these TOO BIG TO FAIL banks, like Goldman Sucks and JP Morgan into RECEIVERSHIP and BANKRUPTCY RE-STRUCTERIING.

I say this and will continue to repeat posts like this as one of the few who predicted that our economy would not just enter a recession/depression but a general breakdown-crisis that end the United States and put in line with how British idiot PM Gordon Brown would like to think of us as just 'continents' of North America.

We have to do what ever is necessary to not stop the Obama/Clinton administration, because it's already doomed but to stop what will replace it, which is an extreme Fascist, possibly Republican but more like an Independent that will impose the austerity required by the very banksters we're bailing-out.

It won't solve anything, although that's how the new regime will sell itself, because the bail-out of the BIG BANKS will by-and-large be complete, leaving the taxpayer bankrupt and Goldman Sucks stronger to officially take over the reigns of Sovereign power.

Folks, the bail-outs are dangerous, not because it's bailing-out the rich, but because the purpose of the bail-outs is to purposely bankrupt the United States so a rich oligarchy can rule over mankind, reducing the population to less then a few hundred million people all serving as slaves and serfs to these greedy evil people.

PUT GOLDMAN SUCKS, JP MORGAN BofA, HSBC AND OTHERS INTO RECEIVERSHIP!

[pw08-2009]

Robert Nardelli is leaving because he will not be able to make the many millions he's used to making with Chrysler, not to mention the fact that he'd have to do some real work and probably endure some headaches.

[czechtraveler]

Another paid vacation for the UAW........i'll never buy a Chrysler product