Nardelli to Lead Chrysler

Chrysler LLC, U.S. automobile manufacturing unit of Daimlerchrysler, has appointed Jeff Nardelli as its chief executive officer, Bloomberg News reported Monday.

Nardelli, formerly the head of home improvement retailer Home Depot, succeeds John LaSorda, who will become president of the company, Bloomberg said. In addition, Eric Ridenour, Chrysler’s chief operating officer, will leave Chrysler.

In early June European regulators approved DaimlerChrysler’s plan to sell its Chrysler unit to private equity fund Cerberus Capital Management for $7.5 billion. The sale is expected to close in the third quarter.

DaimlerChrysler also owns U.S.-based truck manufacturer Freightliner LLC, which will not be affected by the sale of the Chrysler unit.