Borden Chemical and Duracell Chairman C. Robert Kidder will take over as chairman of Chrysler when it emerges from Chapter 11 bankrupty, says the Wall Street Journal. Mr. Kidder will be taking over for former Home Depot CEO and well-known golden parachute enthusiast Robert “Big Bob” Nardelli.
Here’s a sad little saga. After convincing our government that it was responsible enough and commercially viable enough to deserve a multi-billion-dollar bailout, Chrysler spent some of the money taking out full page ads in The Wall Street Journal and USAToday, thanking America for its money. They also posted these ads proudly on their blog. The reaction from actual Americans was, um, harsh.
Chrysler’s new CEO Robert “Big Bob” Nardelli, formerly of Home Depot, has started cutting costs at Chrysler. The first to go will be the popular PT Cruiser, says the WSJ.
Home Depot has finally rid itself of the commercial business supply division that was often blamed for the chain’s miserable customer service and lagging stock price. The commercial supply division was accused of stealing resources from the stores, and was the pet project of disgraced former CEO “Big Bob” Nardelli. Home Depot had to chop $2 billion off the asking price, but they got the deal done.
Home Depot has a new CEO!
This goes a long way toward explaining the mountains of angry emails about Home Depot we receive each week . Under Mr. Nardelli the company spent spent $7 billion beefing up Home Depot Supply, the unit that caters to the building trade. This strategy did not improve the company’s stagnant stock price. The news of Nardelli’s departure had stocks up sharply during early trading. —MEGHANN MARCO