Chrysler's 3 Year Recovery Plan - Dodge Nitro Forum
Chrysler/Dodge/Jeep News Find out the latest scoop here!

LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 05-15-2007, 05:04 PM Thread Starter
Super Moderator
rickaren's Avatar
Join Date: Nov 2006
Location: Indiana
Posts: 22,858
Chrysler's 3 Year Recovery Plan

LaSorda: Cerberus on board with Chrysler's recovery plan

Josee Valcourt / The Detroit News

DaimlerChrysler AG won't have any say in the day-to-day operations of Chrysler, despite the near 20 percent stake it's keeping in the automaker, Chrysler CEO Tom LaSorda told reporters today.

He also said the company's brands would not be broken up and noted that relief from the pressure of quarterly performance reports, which aren't required of private companies, would allow management to focus on the company's long-term survival.

Speaking at Chrysler's Auburn Hills headquarters, LaSorda -- tapped by new Chrysler owners Cerberus Capital Management LP to continue leading the troubled car company -- also reiterated that no additional job cuts will be made as a result of the Cerberus transaction. Chrysler is in the midst of cutting 11,000 factory jobs in the U.S. and Canada, and is reducing its salaried work force by 2,000 by 2009.

He said health care and cost-cutting would be key topics of this summer's contract negotiations with the United Auto Workers. LaSorda said he will lead the bargaining and than Cerberus would not be involved.

The automaker's three-year turnaround plan has been fully endorsed by Cerberus, LaSorda said.


"We'll have a good financial start but we've got to deliver," he said. "This is not an endless bank."

About Cerberus founder Stephen Feinberg, LaSorda said: The American auto industry is "in his heart. It's in his blood. He drives American cars and trucks."
rickaren is online now  
Sponsored Links

  Dodge Nitro Forum > Dodge Nitro News & Polls > Chrysler/Dodge/Jeep News

Quick Reply

Register Now

In order to be able to post messages on the Dodge Nitro Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Posting Rules  
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to Google Chrome