Nardelli lands new job

Bob Nardelli has a new job. Cerberus Capital Management hired the former Home Depot leader as CEO of Cerberus Operating and Advisory Co. Nardelli had served as CEO of Chrysler since August 2007.

Nardelli will also join Cerberus' investment committee and valuation committee and will be involved in due diligence projects relating to prospective Cerberus investments.

"Having worked with Bob over the past few years, both at Cerberus and while he was at Chrysler, we are excited to welcome him back to Cerberus," said Mark Neporent, COO of Cerberus. "Bob is one of the world's best operating executives and a proven leader. We are pleased and fortunate that he has agreed to take the lead of our COAC team, and to become a member of the key committees through which we manage our business and our portfolio."

Under Nardelli Home Depot doubled sales; moved globally into Mexico and China; and delivered more than 20% earnings-per-share growth for four consecutive years while growing dividends from 16 cents to 90 cents.

His tenure at Home Depot also included a controversy over his pay, his severance package and a top-down management style that was influenced by Six Sigma management theory, which critics say mixed poorly with the company's service standards.

His tenure at Chrysler, formerly owned by Cerberus, ended with the Chrysler's Chapter 11 filing and a sale to Fiat. In his new role, Nardelli will watch over companies in which Cerberus has invested.