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Hey, Nardelli, Wanna Drive?
It's a simple formula.
Private Equity Monster + U.S. Automaker + Dethroned CEO Despot = Irresistible Story of Potential Meltdown.
Despite the rather ruthless predictability of that formula, Jack smells a nice Rescue Memo opportunity with the recently de-(orange)-frocked Bob Nardelli jumping into the driver's seat at Chrysler, after Cerberus was unexpectedly jilted by Wolfgang Bernhard.
The Nardelli/Chrysler story will attract lots of eyeballs. Some will follow it to confirm their contempt of both the executive and the institution. Others will follow it in hopes of seeing the coach get salvation by turning the losing team around, just like Hackman and the Hickory High boys.
Already assumed to have a tin ear, Nardelli didn't dispel those concerns by inventing a new pronunciation of the company he is now running, as detected by the NYT's Micheline Maynard.
Even though his FT colleagues and others treated it as if it were meaningful news, Stefan Stern employed Nardelli's package to confirm that few things are more disingenuous than the CEO who takes an annual salary of $1. While Nardelli probably hoped to get more praise for taking a compensation deal that is assumed to be largely incentive-based, Stern reminds us that salary is tiny part of any senior executive package, particularly for those who dont' really need one to begin with.
But as the FT's Francesco Guerrera opines, Nardelli is likely more driven by demons than cash. Currently tagged as America's most overpaid underachiever, Nardelli has to be itching to prove that he's not simply an insecure force-feeder of Six-Sigma snake oil.
Stay tuned for that Rescue Memo.
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