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Cracker Squire

THE MUSINGS OF A TRADITIONAL SOUTHERN DEMOCRAT

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Location: Douglas, Coffee Co., The Other Georgia, United States

Sid in his law office where he sits when meeting with clients. Observant eyes will notice the statuette of one of Sid's favorite Democrats.

Wednesday, April 15, 2009

If it is OK with Sen. Bob Corker of Tenn, it is OK with me. He is on top of this matter (and anybody but Nardelli): Fiat CEO May Get Top Chrysler Job

From The Wall Street Journal:

Asked Wednesday whether he aimed to become CEO of the [combined Chrysler-Fiat] company, Mr. Marchionne [Fiat's CEO] said he was "ready to do whatever is necessary to turn around Chrysler."

Mr. Marchionne's comments raise questions about the future of Robert Nardelli, the CEO installed by Chrysler's majority owner, Cerberus Capital Management LP, in 2007. The private-equity firm is expected to give up all or most of its equity in Chrysler under its reorganization, which opens the door for Fiat to name new management.

Mr. Nardelli's turn as head of Chrysler was seen as a chance for the executive to rehabilitate his reputation. He joined Chrysler after a rocky stint as CEO of Home Depot Inc. He had tense relations with shareholders of the home-improvement chain and left amid controversy over his pay. [Formerly he was with General Electric. I do not care for the guy.]

Republican Sen. Bob Corker of Tennessee, one of the staunchest critics of U.S. auto makers, said Wednesday he would support a revamped Chrysler controlled by European executives, adding such an arrangement might be the only way to ensure the company's survival. "I've always assumed that Fiat would totally control this deal," he said.

Sen. Debbie Stabenow (D., Mich.), one of the U.S. auto industry's top allies in Washington, also said she wouldn't oppose Mr. Marchionne becoming Chrysler's CEO.

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