There aren't that many people in the world who have a stronger emotional connection to Chrysler Corp. than Lee Iacocca, father of the minivan and savior for Chrysler during the early '80s. In an article featured in BusinessWeek, Iacocca reveals his feelings and thoughts about Daimler AG's sale of Chrysler to Cerberus Capital Managment, a private equity firm.
In no uncertain terms, Iacocca comes right out and says, "Daimler screwed Chrysler royally." He argues that Chrysler was healthy, even powerful, before the merger, and has been left half dead by Daimler, which retreats back across the Atlantic to Germany as we speak (our eloquent prose, not his). Nevertheless, Chrysler's ex-CEO is optimistic about his old employer's fate, and makes a case for Cerberus being exactly the right kind of private equity firm to buy Chrysler.
Thanks for the tip, Alison!
[Source: BusinessWeek]
Related posts:Cerberus buying Chrysler for $7.4 billionLaSorda speaks: We're not breaking up the band!Jeep employees pissed about Chrysler saleChrysler Corp. gives CAW written guarantee jobs are safeWolfgang Bernhard will not be a part of the Chrysler deal. Yet!It doesn't appear that Cerberus has plans to strip and flip the automaker to make a quick buck, and its management just may free current Chrysler CEO, Tom LaSorda, from the short leash which Daimler had tied him. Admittedly, we've been tough on good old Tom since the sale, indicating we though it was likely that Wolfgang Bernhard may eventually take his place. After reading Iacocca's words, however, it might be the case we now see a side of LaSorda that was stifled by his German bosses, and perhaps he is the leader to restore Chrysler to its former glory. There are many challenges ahead, however, so we'll keep Wolfgang's office warming present handy, just in case.
