Former Chrysler CEO Nardelli named chairman of power storage company

Ex-Chrysler chief Bob Nardelli was named chairman of Ioxus, a company that develops transportation power storage technologies and alternative energy.

Nardelli, 69, CEO and founder of investment and advisory firm XLR-8, is also on the board of directors for power generation company BWX Technologies.

"Bob brings more than four decades of high level executive experience in a career filled with successes at some of the largest companies in the world, and this makes him an exceptional fit for our vision going forward," Ioxus CEO Mark McGough said Monday in a statement.

According to Nardelli, "Ioxus has been on my radar for some time." He also noted the company's potential for rapid growth and its backing from private equity firm Elliott Management as factors that attracted him.

He added, "an extraordinarily talented and experienced management team made it an easy decision to join with this board."

Nardelli has held high-level spots at Chrysler, Home Depot and General Electric and has been on the boards of Coca-Cola and Pep Boys.

At General Electric, Nardelli was CEO of Power Systems and Transportation Systems and GE Canadian Appliance Manufacturing Co. He stepped down in 2000 after the company merged power units and he was passed over​ for the conglomerate's CEO job.

Shortly after that, Nardelli became CEO of Home Depot until 2007 when he departed with a $210 million severance-parachute after he and the board "mutually agreed" on his resignation. According to The Wall Street Journal, Nardelli "failed to reignite Home Depot's slowing sales and sagging stock price."

Eight months later, he landed at Chrysler, where he was chosen to turn around the automaker. He exited in 2009 as the company emerged from bankruptcy reorganization under the control of Fiat S.p.A. with a U.S.-sponsored bailout.

Ioxus, headquartered in Oneonta, N.Y., designs and manufactures smart power storage technology and alternative energy primarily in the transportation sector.