DETROIT -- Former Chrysler Chairman Bob Nardelli on Tuesday was named non-executive chairman of NewPage Corp., a former unit of MeadWestvaco Corp. that makes coated paper products.
Cerberus Capital Management, the New York private investor that owned Chrysler prior to the automaker's government-sponsored bankruptcy reorganization last year, acquired Ohio-based NewPage in 2005 for $2.3 billion, according to the Dayton Daily News.
Nardelli, 62, assumed leadership of the company after CEO Thomas Curley and Chairman Mark Suwyn resigned. Michael Edicola, vice president of human resources, also left NewPage.
“We thank Mark, Tom and Mike for their accomplishments at NewPage, and wish them well in their future endeavors,” Nardelli said in a statement.
The board has formed a search committee to recommend a new CEO, according to the statement.
Nardelli left Chrysler last June after the U.S. government bailed out the automaker with about $14.3 billion in taxpayer money. Italy's Fiat S.p.A. assumed management control of the reorganized company.
Nardelli played a leading role in the company's efforts to seek the bailout -- and testified on Capitol Hill along with GM CEO Rick Wagoner and Ford CEO Alan Mulally. He successfully fended off critics in Congress who contended that Cerberus should bail out the automaker, not the federal government.
Cerberus named Nardelli CEO of Chrysler in August 2007 after he spent seven years running retailer Home Depot Inc.
Home Depot's stock price fell 8 percent during Nardellli's tenure, leading shareholders to demand a shake-up. Nardelli's cost-cutting maneuvers upset employees and affected its customer satisfaction ratings.
Nardelli still earned $245 million during his tenure at Home Depot, plus $210 million in severance pay.