Well-rested after his efforts guiding Chrysler into bankruptcy, Bankruptcy Bob is ready for work at the very PE firm that bet he could lead them in a direction other than a government-orchestrated Chapter 11 filing. Cerberus was happy to announce that Nardelli is the new Chief Executive Officer of Cerberus Operating and Advisory Company LLC ("COAC") and threw some high words of praise his way.
"Having worked with Bob over the past few years, both at Cerberus and while he was at Chrysler, we are excited to welcome him back to Cerberus," said Mark Neporent, Chief Operating Officer of Cerberus. "Bob is one of the world's best operating executives and a proven leader. We are pleased and fortunate that he has agreed to take the lead of our COAC team, and to become a member of the key committees through which we manage our business and our portfolio."
If the pedigree of being lucky enough to find yourself at the helm of a housing-focused company (Home Depot) during a construction boom that everybody wishes never happened and subsequently driving another company into bankruptcy yields these results, there is still hope for an E. Stanley O'Neal comeback.