Why Nardelli?

Jack Flack just posted his second "Rescue Memo," this one for the benefit of Bob Nardelli.

Why Nardelli?

It's irresistible. A much-hyped CEO flame-out seeks redemption by taking the reins at a troubled icon in an industry that's about to collapse, all under the caring gaze of the mysterious lords of private equity. Yum.

The reality for Nardelli is that his history requires that he step into a genuinely horrible situation if he truly wants to fix his reputation. Merely revving up a tepid company would not provide a plot point dramatic enough to change his overall story. He needs to fix something that is largely considered unfixable.

Can he do it?

Dunno. In virtually every interview in his days in Atlanta, Nardelli's language dripped with an angry feeling that he was robbed at GE. And the only way to he could prove that Jack made a mistake in picking a collegial Ivy Leaguer was to browbeat the morons at Home Depot into better performance. That attitude, combined with a growing sense of irritation that he was actually accountable to his shareholders, made it very difficult for him to lead well.

So the big question is how much has he learned, as a person, leader and strategist? How has he reacted to the adversity of being removed from Home Depot, and then being publicly tarred as overpaid, a label that must sting for a man so focused on over-delivering his entire career?

Most reports of Nardelli's departure at Home Depot noted that his big mistake was that he assumed that the solution was simply applying the GE Way as hard and fast as he could. That's probably correct. He won't likely make that mistake again, given that he's now looking at his third business environment, which should make it easier to step back and assess the situation for what it is, instead of charging ahead with big presumptions.

The mistake Nardelli must avoid with the Chrysler gig is very different. He must resist the temptation to spend any energy trying to disprove all the accusations that he's a bullying meanie. Instead, he must simply be a good and decent version of himself, and move with thoughtful urgency to fix the business.

If he does that, he'll produce one of the great business comeback stories of this young century, both for himself and Chrysler.

(If you're new to the "Rescue Memo," here's an explanation that ran with the debut memo to Rupert Murdoch.)