The former General Electric and Home Depot Chief Executive Robert Nardelli was appointed as Chairman and CEO of Chrysler LLC by the new owner of automaker Chrysler, the private investment firm Cerberus Capital Management.

His main objective is to turnaround the struggling company and he won't draw a paycheck until this goal will be achieved.

Robert Nardelli, 59, will succeed Tom LaSorda, 53, who will become president, while Chief Operating Officer Eric Ridenour will leave Chrysler and won't be replaced.

Prior to joining Chrysler, Nardelli served as Chairman, President and CEO of The Home Depot beginning in 2000.

During his tenure at The Home Depot he doubled sales as well as the number of store operations; moved globally into Mexico and China; and delivered more than 20 percent earnings-per-share growth for four consecutive years while growing dividends from 16 cents to 90 cents per share.

Prior to Home Depot Nardelli was a senior executive at General Electric Co.

"I am very excited to be part of a team focused on re-establishing Chrysler as a standalone industry leader, with a renewed focus on meeting the needs of customers," said Nardelli. "Chrysler has many deeply talented and dedicated people, and I am confident that together we can continue the momentum of Chrysler's recovery and return this great American icon to a path for global growth and competitiveness."

On Friday, Cerberus closed the deal to buy an 80.1 per cent stake in Chrysler from DaimlerChrysler AG for 7.4 billion dollars. Chrysler, which ranks behind General Motors, Toyota and Ford in the U.S. market, lost $1.5 billion last year and in February
In July the US brands of General Motors, Ford and Chrysler set a new low for market share, just 48.2 per cent. Chrysler’s sales dipped 8 per cent to 137,728 units compared to the year-earlier period.