(Bloomberg) -- Robert Nardelli, former chief executive officer of Chrysler LLC and Home Depot Inc., was named the temporary head of Freedom Group Inc. while the gunmaker looks for a permanent CEO.
Nardelli runs a unit of Cerberus Capital Management LP, a New York-based buyout firm that controls Freedom, the maker of Remington firearms. Theodore Torbeck resigned earlier this month as CEO of the Madison, N. C.-based company, which filed for an initial public offering last year.
Nardelli, 62, was ousted as head of Atlanta-based Home Depot in 2007 amid criticism of his pay and the company's lagging performance. He ran Chrysler for Cerberus until 2009 when the carmaker filed for bankruptcy after one of the worst sales slumps in decades.
Private-equity firms pool investor money to take over companies, financing the purchases mostly with debt, with the intention of selling them later for a profit.