Bob Nardelli Returns To Cerberus

DETROIT (Reuters) – Former Chrysler Chief Executive Bob Nardelli has returned to Cerberus Capital Management as an adviser, the private equity company said on Tuesday.

Nardelli, who left Chrysler in June after the automaker emerged from bankruptcy, will oversee and supervise the management and operation of Cerberus’ investments in different companies.

Chrysler emerged from Chapter 11 bankruptcy protection on June 10 after completing the sale of its best assets to a group led by Fiat (FIA.MI). Cerberus was the former majority owner of Chrysler.

Established in 1992, Cerberus and its affiliates have about $24 billion under management.

Nardelli took the helm of Chrysler in August 2007 shortly after Cerberus acquired a 80.1 percent stake from Daimler AG (DAIGn.DE) with a pledge to rescue a falling American icon.

His efforts to turn around the smallest U.S. automaker with sweeping cost cuts were overwhelmed by a brutal industry downturn. Chrysler sales fell 30 percent last year and tumbled 45 percent in the first quarter of 2009.

Prior to his tenure at Chrysler, Nardelli was CEO and chairman of Home Depot (HD.N). (Reporting by Soyoung Kim; editing by Jeffrey Benkoe)