Nardelli takes top seat at Chrysler
Home Depot’s former CEO Bob Nardelli has been named CEO at Chrysler, effective Aug. 6. Nardelli also earned a seat on the company’s board of directors.
Recently privatized Chrysler said Nardelli was chosen for his background in operations, experience expected to help in a time when the company is trying to turn around its financial situation. Chrysler was recently purchased by Cerebrus Capital Management, a private equity firm.
“We are excited to welcome Bob to the Chrysler family,” said Tom LaSorda, vice chairman of the board and president of Chrysler. “Bob has a proven track record of success and an unwavering focus on performance and brings deep operational experience and a broad industry background to Chrysler.”
“I am very excited to be part of a team focused on re-establishing Chrysler as a standalone industry leader, with a renewed focus on meeting the needs of customers,” Nardelli said. “I am confident that together we can continue the momentum of Chrysler’s recovery.”
Nardelli served as Home Depot’s CEO starting in 2000 and resigned from his position in January of this year. During his tenure, Nardelli sometimes sparred with investors over certain issues, particularly the company’s investment in its pro dealer business. (Read our in-depth coverage here.)
However, Nardelli’s tenure at Home Depot was marked by sales that doubled from $45.7 billion in 2000 to $81.5 billion in 2005. During that same span, profits rose 123 percent to $5.8 billion from $2.6 billion.
In the end, Nardelli was criticized for his pay package of about $38 million per year, which upset some investors. Home Depot’s board of directors also was criticized for awarding Nardelli a severance package of $210 million, including $20 million in cash, after his Jan. 2 resignation.
Frank Blake, one of Nardelli’s former colleagues at General Electric, has since taken on the CEO spot at Home Depot.
“We’re at a turning point for our company,” Blake told the investors at the company’s annual meeting, held in May. “We’re going to invest now so that when the sector turns, we’ll be stronger than ever.”
Menards plans a 221,000-square-foot store near Minneapolis
Menards will build a new 221,000-square-foot store and separate warehouse in Coon Rapids, Minn., a suburb of Minneapolis, according to the Minneapolis/St. Paul Business Journal.
The new store is expected to be finished by February 2008, according to the report.
Menards is expanding into several new markets in the Midwest, with store formats ranging from 80,000 square feet to 240,000 square feet. The Eau Claire, Wis.-based retailer has plans for — or has already opened — several larger variety stores carrying grocery items in locations including Gary, Ind.; St. Cloud, Minn.; Grand Forks, N.D.; and Milwaukee.
Most recently, the company has announced plans to build more stores in the North Toledo and Oregon, Ohio, areas.
Currently, the retailer operates six stores in the northwestern Ohio area, according to its Web site. The company plans another store in the south central Ohio city of Chillicothe.
Privately held Menards is the nation’s number six home channel retailer, according to HCN’s Top 500 Scoreboard of home channel retailers.
Wolseley names vp-acquisitions
Dan Parr has been named vp-acquisitions and business integration for Wolseley’s North American division.
Parr will oversee acquisitions in the North American divisions of Stock, Ferguson and Wolseley Canada.
Parr formerly served as manager of acquisitions and installations. Prior to that, he served as integration manager after the company acquired Hub Inc. and as internal auditor and internal audit manager at Ferguson.