Workers are celebrating Chrysler's new life as a private company. On Friday, Daimler Chrysler transferred about an 80% stake to New York based Cerberus, one of the world's largest private equity companies. It's a 7.4 billion dollar deal, like other US auto companies, Chrysler has been struggling to make a profit.
As sales fall and pension and retiree health costs rise. There's now also a new man in charge of Chrysler. Rockford native, Bob Nardelli was announced today as Chrysler's next CEO and chairman.
Formerly the boss at Home Depot, Nardelli will replace Tom Lasorda who will become his number two man.
Chrysler owners hope the duo will work together and boost profits.