Bob Nardelli, that renowned troubleshooter for Cerberus Capital Management who once led Chrysler, is in the gun business.
The New York private equity firm has dispatched Nardelli, 62, to run a group of firearms and ammo companies it owns called Freedom Group, which makes guns for sportsmen (Remington, Marlin) as well as weapons for police and military use. He'll remain top gun there until Freedom can recruit a full-time CEO.
Freedom Group calls itself the "world's leading innovator, designer, manufacturer and marketer of firearms, ammunition and related products for the hunting, shooting, sports, law enforcement and military markets."
In August 2007, Cerberus stunned Chrysler and the auto industry by picking Nardelli as Chrysler CEO over Wolfgang Bernhard, the man everybody expected to get the job. One reason Nardelli was a controversial choice was the $210 million golden parachute he got when he left his previous job as chairman of Home Depot in January 2007. Fortune magazine called him "the poster child for excessive CEO compensation."
Nardelli sought to redeem his reputation by turning around Chrysler. It didn't turn out that way; an industry sales collapse led to Chrysler's 2009 Chapter 11 bankruptcy filing and Nardelli's departure.
He returned to his assignment as a Cerberus consultant and has been CEO of Cerberus Operating and Advisory Co.