Originally posted at Private Intelligence.
Hey, here’s a great idea!
Let’s take the ex-CEO of a floundering home improvement company, who got to walk away with a $210 million severance package despite years of bad management and languishing stock prices, and make him the new head of a floundering car company!
It makes perfect sense when you consider that Cerberus’ chairman is none other than former (failed) Treasury Secretary John Snow, whose chief accomplishments in the position were failing to persuade China to spend more and save less, and bilking the government out of billions in tax dollars on behalf of his company, CSX.
Given that, why else would you choose a guy like Nardelli (who has no experience in the auto industry, and whose management style can charitably be called “aggressive”) to run the show? Guys like Nardelli and Snow are the perfect examples of how modern American business works…not only does failing your investors and shareholders not prevent you from walking away a multimillionaire, but now you get an even more spectacular chance to fail again!
This has been today’s edition of “Great Moments In Business History.”