Posted on Friday 1 June 2007
Wolfgang Bernhard, an influential advisor during the sale of Chrysler to Cerberus Capital Management, is expected to take up permanent residency in the offices of the Auburn Hills based carmaker. Although LaSorda will remain as CEO, Bernhard is expected to take an active role in turning around Chrysler’s fortunes.
Latest reports say Bernhard will answer directly to Cerberus chief Stephen Feinberg and will not be a part of Chrysler’s executive team. The Wall Street Journal reports that Bernhard has been seen in Chrysler’s design studios, pointing out what he likes and dislikes, and is making sure things get done.
The immediate goal will be to help turnaround Chrysler’s $1.48 billion operating loss from last year and implement a sustainable recovery program. The restructuring plan is already well underway, with up to 13,000 job cuts planned and a $3 billion investment set for Chrysler’s engine systems.