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Chrysler LLC: Difference between revisions
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[[Image:New Chrysler LLC1.jpg|thumb|250px|right|Logo]]May 14, 2007, Cerberus Capital Management announced that it would take ownership of 80% of Chrysler Group, including Chrysler Financial from [[DaimlerChrysler]]. As of August 3rd, 2007 the deal was finalized. Cerberus paid $7.4 billion, $5 billion of which goes to Chrysler Corporation LLC and $1.05 billion to Chrysler Financial Services; Daimler gets the remaining $1.35 billion, but loans back $400 million of it. Daimler retains all debt from Chrysler Group, costing Daimler a net $650 million plus prepayment compensation of $878 million and transaction costs. Cerberus has already signed on numerous ex-Chrysler people as advisers, including Tom Gale, the designer who oversaw the original LH, [[Chrysler PT Cruiser|PT Cruiser]], [[Dodge Ram 1500|Ram]], and [[Dodge Viper|Viper]]; Gary Dilts, the former sales chief, who is currently at J.D. Power; Jerry Farrell, former president of Chrysler Financial; Thomas Gillman, former CFO of Chrysler Financial; and Wolfgang Bernhard, who was imported from [[Mercedes]]. | [[Image:New Chrysler LLC1.jpg|thumb|250px|right|Logo]]May 14, 2007, Cerberus Capital Management announced that it would take ownership of 80% of Chrysler Group, including Chrysler Financial from [[DaimlerChrysler]]. As of August 3rd, 2007 the deal was finalized. Cerberus paid $7.4 billion, $5 billion of which goes to Chrysler Corporation LLC and $1.05 billion to Chrysler Financial Services; Daimler gets the remaining $1.35 billion, but loans back $400 million of it. Daimler retains all debt from Chrysler Group, costing Daimler a net $650 million plus prepayment compensation of $878 million and transaction costs. Cerberus has already signed on numerous ex-Chrysler people as advisers, including [[Tom Gale]], the designer who oversaw the original LH, [[Chrysler PT Cruiser|PT Cruiser]], [[Dodge Ram 1500|Ram]], and [[Dodge Viper|Viper]]; Gary Dilts, the former sales chief, who is currently at J.D. Power; Jerry Farrell, former president of Chrysler Financial; Thomas Gillman, former CFO of Chrysler Financial; and Wolfgang Bernhard, who was imported from [[Mercedes]]. | ||
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== Controversy == | == Controversy == | ||
* Cerberus Capitol Management is now engaged in contract talks with the United Auto Workers as it looks for ways to cut costs. The union is reportedly opposed to the sales for fear of job losses; the units employ roughly 1,300 unionized workers. Chrysler's four-year contract with the UAW expires on September 14. Analysts are saying that the sale of the units would allow Cerberus to focus on Chrysler's core business of making cars and trucks, and help raise much-needed cash. | |||
== Management == | |||
* As of August 5, 2007, it is being reported in the New York Times and the Wall Street Journal that former Home Depot CEO [[Bob Nardelli]] will assume the leadership of Chrysler LLC, contradicting rumours that [[Wolfgang Bernhard]] has been given the top position. | |||
* It was announced on September 6, 2007 that [[Jim Press]], the man who turned [[Toyota]] into an automotive powerhouse and the only American on Toyota's board of Directors, has just signed on to work side by side [[Tom LaSorda]] as Vice Chairman and President of Chrysler LLC. Press will be in charge of North American Sales, International Sales, Global Marketing, Product Strategy, and Service and Parts ,while LaSorda is still responsible for manufacturing, purchasing, labor and Global Business Development and Alliances.[http://www.motorauthority.com/news/industry/chrysler-bags-toyota%e2%80%99s-golden-child-jim-press/] | |||
* On October 1, 2007, [[Phil Murtaugh]] will take control of Chrysler’s Asian operations. Murtaugh worked for [[General Motors]]’ joint venture with Chinese manufacturer [[SAIC Motor Corp]]. And is a 32 year GM veteran. [http://www.autoblog.com/2007/09/07/chrysler-nabs-another-exec-this-time-from-gm/] | |||
* | |||
== Chrysler brands == | == Chrysler brands == | ||
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*[http://www.chryslerllc.com/ Official site] | *[http://www.chryslerllc.com/ Official site] | ||
*[http://www.autoblog.com/2007/08/05/breaking-former-home-depot-chief-bob-nardelli-to-be-chryslers/ BREAKING: Former Home Depot chief Bob Nardelli to be Chrysler's new CEO] | *[http://www.autoblog.com/2007/08/05/breaking-former-home-depot-chief-bob-nardelli-to-be-chryslers/ BREAKING: Former Home Depot chief Bob Nardelli to be Chrysler's new CEO] | ||
*[http://www.nytimes.com/2007/08/06/business/06chrysler.html?ex=1186977600&en=a6f8433bf75611c2&ei=5070&emc=eta1 Ex-Home Depot Chief Taking Reins at Chrysler] New York Times | |||
*[http://online.wsj.com/article/SB118636224931188685.html?mod=hpp_us_whats_news Nardelli Picked To Run Chrysler In Industry Shift] Wall Street Journal | |||
*[http://jalopnik.com/cars/industry-news/its-a-chyrslerberus-shocker-former-home-depot-ceo-bob-nardelli-to-become-new-ceo-of-chrysler-286201.php Chrysler:It's A Chrysler Shocker! Former Home Depot CEO Bob Nardelli Named New CEO Of Chrysler] | |||
[[Category:Makes]] | |||
Latest revision as of 02:51, 2 June 2008
May 14, 2007, Cerberus Capital Management announced that it would take ownership of 80% of Chrysler Group, including Chrysler Financial from DaimlerChrysler. As of August 3rd, 2007 the deal was finalized. Cerberus paid $7.4 billion, $5 billion of which goes to Chrysler Corporation LLC and $1.05 billion to Chrysler Financial Services; Daimler gets the remaining $1.35 billion, but loans back $400 million of it. Daimler retains all debt from Chrysler Group, costing Daimler a net $650 million plus prepayment compensation of $878 million and transaction costs. Cerberus has already signed on numerous ex-Chrysler people as advisers, including Tom Gale, the designer who oversaw the original LH, PT Cruiser, Ram, and Viper; Gary Dilts, the former sales chief, who is currently at J.D. Power; Jerry Farrell, former president of Chrysler Financial; Thomas Gillman, former CFO of Chrysler Financial; and Wolfgang Bernhard, who was imported from Mercedes.
Chrysler Operations
Work in Progress
Controversy
- Cerberus Capitol Management is now engaged in contract talks with the United Auto Workers as it looks for ways to cut costs. The union is reportedly opposed to the sales for fear of job losses; the units employ roughly 1,300 unionized workers. Chrysler's four-year contract with the UAW expires on September 14. Analysts are saying that the sale of the units would allow Cerberus to focus on Chrysler's core business of making cars and trucks, and help raise much-needed cash.
Management
- As of August 5, 2007, it is being reported in the New York Times and the Wall Street Journal that former Home Depot CEO Bob Nardelli will assume the leadership of Chrysler LLC, contradicting rumours that Wolfgang Bernhard has been given the top position.
- It was announced on September 6, 2007 that Jim Press, the man who turned Toyota into an automotive powerhouse and the only American on Toyota's board of Directors, has just signed on to work side by side Tom LaSorda as Vice Chairman and President of Chrysler LLC. Press will be in charge of North American Sales, International Sales, Global Marketing, Product Strategy, and Service and Parts ,while LaSorda is still responsible for manufacturing, purchasing, labor and Global Business Development and Alliances.[1]
- On October 1, 2007, Phil Murtaugh will take control of Chrysler’s Asian operations. Murtaugh worked for General Motors’ joint venture with Chinese manufacturer SAIC Motor Corp. And is a 32 year GM veteran. [2]
Chrysler brands
Holdings
Work in Progress
Awards
Work in Progress
See Also
External Links
- Official site
- BREAKING: Former Home Depot chief Bob Nardelli to be Chrysler's new CEO
- Ex-Home Depot Chief Taking Reins at Chrysler New York Times
- Nardelli Picked To Run Chrysler In Industry Shift Wall Street Journal
- Chrysler:It's A Chrysler Shocker! Former Home Depot CEO Bob Nardelli Named New CEO Of Chrysler
