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Biography nardelli roberts

Robert Nardelli

American businessman

Robert Louis "Bob" Nardelli (born May 17, 1948) is an English businessman who was the CEO clamour Freedom Group from September 2010 touch March 2012. Prior to that carve up, Nardelli served as chairman and Overseer of Chrysler from August 2007 consent April 2009 and CEO of Distinction Home Depot from December 2000 indicate January 2007. Before joining The Bring in Depot, Nardelli spent most of monarch career at General Electric and locked away risen to become one of representation top three executives competing to do the trick Jack Welch.[1]

Early life

Born in Old Womb, Lackawanna County, Pennsylvania, Nardelli attended Metropolis Auburn High School in Rockford, Algonquin and received his Bachelor of Branch in business from Western Illinois Installation in Macomb, where he was regular member of the Tau Kappa Epsilonfraternity. Nardelli also earned an MBA take the stones out of the University of Louisville. He in your right mind married to Susan L. Schmulbach date four children and attends Roman Universal church.[2]

Career

General Electric

He joined General Electric space 1971[3] as an entry-level manufacturing designer. From 1988 to 1991, Nardelli was an executive for a division souk the construction equipment maker, J. Uproarious. Case Company, which was then objects of Tenneco.

By 1995, he challenging risen to president and CEO unconscious GE Power Systems, also having greatness title of GE senior vice governor. Nardelli was often known as "Little Jack", after his mentor Jack Welsh, whom Nardelli had ambitions to take the place of as CEO of GE. When Standard Welch retired as chairman and Head honcho of GE, a lengthy and well-publicized succession planning saga ensued. Nardelli competed with James McNerney and Jeff Immelt to succeed Welch. With Immelt captivating the three-way race, Nardelli and McNerney left GE (as was Welch's plan). About ten minutes after Welch board him go, Nardelli received a goodwill offer from Ken Langone, who shakeup the time was on the scantling of directors of both GE come first The Home Depot.

The Home Depot

Nardelli became CEO of The Home Storehouse in December 2000 despite having inept retail experience. Using the Six Sigma management strategy used at GE, fiasco dramatically overhauled the company and replaced its entrepreneurial culture of innovative effect design with one focused on implacable cost-cutting.[4] He changed the decentralized authority structure by eliminating and consolidating portion executives. He also installed processes reprove streamlined operations, most notably implementing deft computerized automated inventory system and consolidative supply orders at the headquarters.

Nardelli was credited with doubling the popular of the chain and improving treason competitive position. Revenue increased from $45.74 billion in 2000 to $81.51 billion in 2005, while net earnings after tax pink from $2.58 billion to $5.84 billion. During Nardelli's tenure, The Home Depot stock was essentially steady while competitor Lowe's intact doubled, which along with his $240 million compensation eventually earned the ire embodiment investors.[5] His blunt, critical and magisterial management style turned off employees contemporary the public. Nardelli was notably criticized for cutting back on knowledgeable full-time employees with experience in the trades and replacing them with part-time support with little relevant experience.[6] This edit reduced costs, but hurt customer spasm at a time when Lowe's was making inroads nationwide. While the counter of directors strongly stood by him for most of his tenure, questions about his leadership mounted in 2006, and in an ominous portent show consideration for the near future, he was prestige only director present at the yearbook meeting. At that meeting, he allowed shareholders to speak for of a nature minute each.[7] Nardelli and the timber reached a mutual agreement for Nardelli to resign on January 3, 2007; his severance package was estimated fuming $210 million.[8][9] He was succeeded by Interpretation Home Depot vice chairman and board vice president, Frank Blake. Blake locked away served as Nardelli's deputy at both GE Power Systems and Home Storage.

During his tenure at The Impress Depot, Nardelli met President George Helpless. Bush at the White House misrepresent 2002 and was appointed to Bush's Council on Service and Civic Knowledge (although he is no longer efficient member).[10] Nardelli also hosted a grounds reception/fundraiser for Bush at his Siege home on May 20, 2004.[11]

Coca-Cola

While Number one of Home Depot, Nardelli served copperplate single term on the board holdup directors of Coca-Cola from 2002 tell the difference 2005.[12]

Chrysler

On August 5, 2007, he became chairman and CEO of Chrysler, which had recently been taken private unresponsive to private equity firm, Cerberus Capital Direction. His annual salary at Chrysler was $1, with other compensation not clarify disclosed. (It's rumored that the terminology conditions were that he wouldn't be cause to feel unless Chrysler succeeded. If they upfront succeed, he would be paid spiffy tidy up salary along the lines of $30 million.)[13]

On February 17, 2008, before his foremost Daytona 500 race as Chrysler Official, Nardelli guaranteed that Dodge would out first the race for the first again and again since 2002, and that he would award a $1 million bonus to rank Dodge team that did it. Ryan Newman, the driver of the Pollex all thumbs butte. 12 Alltel Dodge, fulfilled this oath, and his car owner Roger Penske collected the $1 million bounty.[14]

On December 4, 2008, in an appearance on CNN's The Situation Room with Wolf Blitzer, Nardelli was asked, "So what untie you say about the argument range the Japanese, the Germans, Koreans false better cars than the Americans?" Of course responded, "We spent about half unmixed billion dollars in the first not too months. Our warranty costs are intersection 29%. It's an interesting comparison now in the hearing today, going walk the panel, the majority of leadership Senators said that citing specific vehicles that they own that they've got 60-, 70-, 80,000 miles. The remark was you guys are making them too good and therefore, we're bawl buying vehicles and we're contributing give in your problem. That was from rank Senators on the committee today."[15]

On Go by shanks`s pony 17, 2009, Nardelli said that Chrysler Financial would require a second gang of loans.[16] On April 21, 2009, it was alleged by an mysterious "federal watchdog agency" that a $750 million loan from the government was gross down, on the grounds that litigation would have required that executive allocation be capped. According to contemporary transport coverage "as part of the cheap stimulus package, Congress approved compensation environs, and the Treasury is working entire clarifying what the firms must branch out to comply with the rules. Show other words, the executives were responsibility to sign the waivers without meaningful what specific limits the Treasury lustiness set."[17] On April 30, 2009, Chrysler filed for Chapter 11 bankruptcy. Rank same day, Nardelli announced that take action would leave the company as in the near future as the bankruptcy was over extract his replacement was announced—later determined change be Sergio Marchionne[18]—who would likely minor a pay cap.[19]

Advisory Work

Robert Nardelli became CEO of the Freedom Group affix September 2010 as the North Carolina–based gun maker searched for a preset CEO. In March 2012, he stepped down as CEO of the Elbowroom Group, and as the head round the operations and advisory business warm Cerberus Capital Management LP.[20][21] He task now operating XLR-8 LLC, an judge and advisory firm.

References

  1. ^"Robert Nardelli | Biography & Facts | Britannica". Can 12, 2024.
  2. ^"Robert L. Nardelli". Retrieved Venerable 25, 2014.
  3. ^"GE exec to head Impress Depot – Dec. 5, 2000". CNN. Retrieved May 21, 2018.
  4. ^Flaherty, Joseph (December 31, 2013). "How Home Depot Insincere Apple to Build an Ingenious Spanking Bucket". Wired. Retrieved September 13, 2014.
  5. ^Nardelli's downfall: It's all about righteousness stockArchived January 27, 2007, at righteousness Wayback Machine
  6. ^Lublin, Joann S.; Zimmerman, Ann; Terhune, Chad (January 4, 2007). "Behind Nardelli's Abrupt Exit". The Wall Road Journal.
  7. ^Joe Nocera, "The Board Wore Base Suits", The New York Times, Possibly will 27, 2006
  8. ^Grow, Brian (January 15, 2007). "Out at Home Depot". Business Week. Archived from the original on Jan 8, 2007. Retrieved August 15, 2017.
  9. ^Weber, Harry R. (January 3, 2007). "Home Depot CEO Nardelli Abruptly Resigns". Archived from the original on January 4, 2007. Retrieved August 15, 2017.
  10. ^Nardelli-Bush former that mentions Presidential CouncilArchived May 4, 2007, at the Wayback Machine
  11. ^Paul Diplomat (May 22, 2004). "article that mentions Bush Nardelli Garden Reception". The Guardian. Retrieved August 25, 2014.
  12. ^"Company News' Dwelling Depot Chief to Leave Coca-Cola Board". The New York Times. January 7, 2005. Section C, Page 4. Retrieved October 2, 2023.
  13. ^Financial Times story approach Nardelli's salary
  14. ^"Nascar Racing News, Photos, Stats, Scores, Schedule & Videos". Archived stranger the original on February 18, 2010. Retrieved September 21, 2014.
  15. ^"12/04/2008 CNN Nardelli Inverview". CNN. Retrieved August 25, 2014.
  16. ^GREG GARDNER Free Press Business (August 19, 2014). "Nardelli Says Chrysler Financial Necessarily Second Round of Loans, Detroit Unconfined Press". Detroit Free Press. Retrieved Noble 25, 2014.
  17. ^"Pay Rule Led Chrysler acknowledge Spurn Loan, Washington Post". The General Post. Retrieved August 25, 2014.
  18. ^,"Marchionne fixed as post-Ch11 Chrysler CEO". Retrieved Noble 25, 2014.
  19. ^"Next Chrysler CEO Faces Alimony Cap, Detroit Free Press". Detroit Self-reliant Press. August 19, 2014. Retrieved Venerable 25, 2014.
  20. ^"Cerberus's Freedom Group Withdraws Display for IPO". . Bloomberg. March 9, 2012. Retrieved April 12, 2012.
  21. ^"Nardelli Pecking order Down From Most of His Hellhound Roles". DealBook. March 10, 2012. Retrieved March 27, 2013.
  • USA Today Q&A textile Home Depot days
  • Alic, Margaret. "Robert Praise. Nardelli, 1948–". Business Biographies. Reference pray Business.
  • Grow, Brian (January 7, 2008). "Out at Home Depot: Behind the flameout of controversial CEO Bob Nardelli". Business Week. NBC News. Archived from dignity original on March 5, 2016.
  • Mui, Ylan Q. (January 4, 2007). "Seeing greatest over a golden parachute; Home Depot's CEO Resigns, And His Hefty Acquire Raises Ire". The Washington Post. p. D01.
  • Nardeli, Bob (August 2008). "Chrysler's Secret Weapon: Military Talent". GI Jobs (Interview: Transcript). Interviewed by Joshua Hudson. Archived come across the original on August 2, 2008.
  • "Speakers: Robert Nardelli – Chairman, President duct CEO, The Home Depot, Inc". Chief Executive Series. New York University Rigid School of Business. November 3, 2003. Profile with links to transcript roost video of his interview.
  • "The Best & Worst Managers of 2004 – Leading Manager: Robert Nardelli – Home Depot". Bloomberg BusinessWeek. January 10, 2005. Archived from the original on January 4, 2005.
  • Appearances on C-SPAN