Private Equity: The Land of Second Acts
Even if the public markets won't forgive you, it's a good bet private equity will. Take Robert Nardelli, who earned himself plenty of criticism in recent years by the egregious $210 million “golden parachute” he received upon resignation as head of Home Depot. The paycheck earned him a spot as one of the highest-paid executives with the worst-performing companies. He further solidified his public enemy creds as CEO of Chrysler—on his watch, the company’s sales fell 30% last year and 45% in the first quarter of this year, leading, as we all know, to one of the year's largest bankruptcies. Yet he still has a career, thanks to private equity. Today Cerberus Capital Management hired him as CEO of its operating and advisory business.
21 July 2009•2 mins read
