New Chrysler CEO

DETROIT (AP) -- Chrysler's new private owners have picked the former boss of Home Depot to head the nation's number 3 automaker.

The company says Bob Nardelli has been elected chairman and CEO.

Nardelli says in a news release he's confident he can work with employees to "continue to momentum of Chrysler's recovery."

Tom LaSorda, Chrysler's chief executive since January 1st, 2006, was named vice chairman and president of Chrysler. He'll report to Nardelli.

LaSorda says Nardelli has a "proven track record of success."

Nardelli resigned from Home Depot in January after criticism over his pay and the company's slumping share price.

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