- Obama takes aim at ‘corporate deserters’
- Dick’s Sporting Goods lays off 478 PGA golf pros
- Senators: Cease-fire must allow Israel to defend against rockets, tunnels
- Sierra Leone doctor fighting Ebola catches disease
- Iraq welcomes Russian fighter jets, helicopter gunships into ISIL fight
- John McCain laments: Obama’s ‘self-pity … is really kind of sad’
- GOP offer to fix VA gives $10 billion in emergency funds
- Paul Ryan offers to repair U.S. economic safety net with a single grant stream
- Kim Jong-un builds bond with Putin: $250M Russia-backed addition to key port opens
- Pope Francis meets Meriam Ibrahim, a Sudanese woman sentenced to death
New boss, ownership take over at Chrysler
Question of the Day
AUBURN HILLS, Mich. (AP) — Chrysler began its new life as a private company today with an auto-industry outsider taking the wheel.
“We’ll move forward with speed and a renewed focus on meeting the needs of our customers,” Mr. Nardelli said.
Some wondered what effect Mr. Nardelli’s hiring would have on contract talks with the United Auto Workers, but Mr. Nardelli was quick to point out today that union President Ron Gettelfinger already has been contacted about the executive shake-up at Chrysler in a two-hour meeting.
Mr. LaSorda, Chrysler LLC’s newly named president and vice chairman, still will be at the forefront of “what could be a landmark negotiating period” not only for Chrysler, but for the auto industry, Mr. Nardelli said.
Like other U.S. auto companies, Chrysler has been struggling to make a profit while sales are falling and pension and retiree health costs are rising.
Former Chrysler executive Wolfgang Bernhard, a senior adviser to Cerberus, had been widely expected to be named chairman. He was offered a position with the company but elected not to accept it.
On Friday, DaimlerChrysler AG transferred an 80.1 percent stake in Chrysler to New York-based Cerberus Capital Management LP, one of the world’s largest private equity companies, in a $7.4 billion deal. The German automaker, which is to be renamed Daimler AG, retained a 19.9 percent interest in Chrysler.
Cerberus Chairman John Snow previously had said Cerberus planned to keep Chrysler’s management team in place and give it the freedom to implement its restructuring plan, which calls for shedding 13,000 hourly and salaried jobs in the U.S. and Canada by 2009.
Mr. Nardelli helped increase revenue and profits at Home Depot and boost the number of stores the company operates. But he resigned from the company after it came under intense criticism for his hefty pay and slumping stock price. Mr. Nardelli left Home Depot with a golden parachute worth $210 million.
Second- and third-stringers eye 2016 if front-runner stumbles
- 'We're coming for you, Barack Obama': Top U.S. official discloses threat from ISIL terrorists
- Obama orders Pentagon advisers to Ukraine
- NAPOLITANO: What if our democracy is a fraud?
- Hamas rejects Kerry's call for cease-fire; Fears grow others could join fight against Israel
- Evidence shows Russia firing artillery into Ukraine: Pentagon
- Norway expects imminent 'concrete threat' from ISIL terrorists 'within days'
- PRUDEN: The Democratic-wannabe mice under Hillary Clinton's feet
- Presidents of Honduras, Guatemala blame U.S. for border children crisis
- Algerian plane diverted due to storms, second aircraft: 116 missing
- ISIL captured 52 U.S.-made howitzers; artillery weapons cost 500K each
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq