Chrysler CEO says he’ll leave after bankruptcy
Detroit Former Home Depot chief and current Chrysler CEO Robert Nardelli said he will leave his post after the company emerges from bankruptcy protection, according to an e-mail from Nardelli to Chrysler employees.
President Barack Obama announced Thursday that the automaker would file for bankruptcy protection after the government could not reach a debt-reduction agreement with creditors.
Nardelli said in his email that post-bankruptcy would be the appropriate time to leave. He will take a job as an adviser with Chrysler’s one-time owners, Cerberus Capital management LP.
He said the Treasury Department did not ask him to resign.
Chrysler has signed a partnership deal with Fiat and a new board will pick a new CEO with Fiat’s concurrence.
Nardelli became Chrysler’s CEO when Cerberus Capital Management bought the majority of the automaker in 2007.
In his e-mail, Nardelli told employees that their pay and benefits would continue under bankruptcy protection, and that its stay in bankruptcy should be short because of restructuring work done prior to the filing.
“It will allow a leaner new company to emerge in a matter of 30 to 60 days, well positioned for long-term viability. It’s also very important to note that Chrysler’s Canadian, Mexican and other international operations are not part of any bankruptcy filing,” he said.
Most of Chrysler’s assets, including factories, will be transferred to a new company “while assets and liabilities that are not consistent with our business plan will remain with the old company for disposition.”
Beauty in the eye of the category holder
PORT WASHINGTON, N.Y. Consumers are switching channels in some key beauty categories, according to a new survey fro The NPD Group and Information Resources Inc.
While department store sales of makeup declined, makeup posted a slight increase in the FDMx channel. Conversely, the hair segment, although representing a relatively small portion of the prestige business, grew by 6% in department stores versus the decline of 4% in mass, where hair represents a larger portion of the overall business.
“For the first time we have the ability to take a broader view of the U.S. beauty industry,” said Diane Nicholson, president of beauty for The NPD Group. “When looking across total channels — department stores and food, drug and mass channels, excluding Walmart (FDMx) — we can size the market at $19.1 billion dollars, representing approximately 60% of the U.S. beauty industry.”
Pier 1 selects vendor for marketing efforts
INDIANAPOLIS Pier 1 Imports has chosen ExactTarget to power its global one-to-one marketing campaigns.
“We continue to see an increased interest among consumers in receiving marketing messages via email from Pier 1 Imports,” said Jeff Haddox, a direct marketing analyst at Pier 1 Imports. “We’ll build on that momentum in 2009 with a new online subscription center that will allow customers to tell us exactly what types of messages they’d like to receive as well as the message frequency.”
In addition to powering e-mail marketing messages for the company, ExactTarget will use its landing page technology to power Pier 1 Imports’ new Web-based subscription center launching this summer. The integrated online site will allow consumers to subscribe to receive messages via e-mail, direct mail or both. The technology will also automatically update Pier 1 Imports’ data management system, which holds its subscriber list for ExactTarget-powered messages, with any changes to a consumer’s preferences or personal information.