<![CDATA[Jalopnik: Chrysler Cerberus]]> http://cache.jalopnik.com/assets/base/img/thumbs140x140/jalopnik.com.png <![CDATA[Jalopnik: Chrysler Cerberus]]> http://jalopnik.com/tag/chrysler cerberus http://jalopnik.com/tag/chrysler cerberus <![CDATA[Being Bob Nardelli: One Year At The Top Of Chrysler]]> The Detroit News reports today on the marriage of Chrysler and Cerberus Capital Management, which took place one year ago this week. Robert Nardelli, former head of Home Depot, beat out Tom LaSorda and Wolfgang Bernhard for the top job at the new Chrysler, joining an already troubled automaker just at the edge of what would become the country's worst auto sales period in 20 years. What the hell was he thinking? More importantly, what's he thinking now? A Chryslerberus freshman report card after the jump. More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=399875&view=rss&microfeed=true <![CDATA[Merrill Lynch "Car Wars" Report Claims Cerberus Readying Chrysler For Chop Shop]]> The new Dodge Challenger is hitting showrooms. The 2009 Dodge Ram launch is scheduled for fall. But it's the sounds of silence after that when it comes to product. What's going on? One influential industry study, the Merrill Lynch "Car Wars" report (yes, that's it's real name), states Chrysler's lack of new product may be a deliberate effort on the part of owners Cerberus Capital Management to thin the herd in advance of a breakup and subsequent sale. In an excerpt that again proves financial analysts are paid by character count, the report says,
"Chrysler's product pipeline severely lags the industry on a number of key metrics, which is an ominous sign for its market share. We believe that this is an active decision by new owners to rationalize the product portfolio in advance of a breakup/sale."
Cerberus, of course, is denying any such plans, stating that, "We have a model that is buy, fix and hold." Uh-huh. Didn't Gordon Gecko say that too? More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=397444&view=rss&microfeed=true <![CDATA[Iacocca Arrives At Chrysler As Bankruptcy Rumors Swirl; Time Travel Perfected]]> Former chairman Lee Iacocca gave a closed pep rally to Chrysler employees yesterday in Auburn Hills, once again sharing the stage with a K-car, a minivan...and rumors of Chrysler's imminent bankruptcy. While current CEO Bob Nardelli was praising Iacocca as "Chrysler's most dynamic leader" and "a great American," Chrysler spokesman David Elshoff was telling reporters that rumblings about a forthcoming bankruptcy filing by the automaker were "without merit." Presumably addressing the present state of the industry, Iacocca said, "We'll live through it. Don't panic. Things are going to be OK." To fix the current management problems, Iacocca suggested outfitting Nardelli with wire wheel covers and a vinyl landau roof, then sending him back into the boardroom and hoping everyone would think he was a totally new CEO. More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=397277&view=rss&microfeed=true <![CDATA[Careful With That Axe, Nardelli: Chrysler June Sales Plummet]]> As further evidence that Cerberus bit off far more than it expected with its purchase of Chrysler last fall, an internal memo revealed to the Free Press shows that the last few months have been even worse than Chrysler expected. In fact, June numbers are showing an industry-wide disaster looming, with total U.S. vehicle sales down 7 percent in April, 8 percent in May, and on pace to drop 20 percent in June to an annualized rate of only 12.5 million. The memo didn't specifically mention any additional cuts at Chrysler, but CEOs don't generally send e-mails warning of a looming industry crisis just before announcing across-the-board raises. More »
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