NEW YORK, March 9, 2012 – Cerberus Capital Management, L.P. (“Cerberus”) and Robert L. Nardelli today announced that Nardelli has transitioned to a role as Senior Advisor to Stephen A. Feinberg, CEO of Cerberus, and that Chan W. Galbato, a long-time Nardelli protégé, has succeeded Nardelli as the CEO of Cerberus Operations and Advisory Company, LLC (“COAC”), Cerberus’ proprietary operations and management consulting affiliate. Nardelli will also be a Senior Advisor to COAC. Galbato was previously a Senior Operating Executive at COAC.
Nardelli said, “I informed Steve Feinberg that I desired to make this transition to a role as Senior Advisor in order to devote attention to XLR-8 LLC, my investment and consulting company. This is a great time for me to focus on XLR-8 and leverage my 41 years in a variety of businesses and sectors and my recent private investing and advisory experience with Cerberus and COAC, to raise money to acquire underperforming companies, and to help them operate more profitably and improve their enterprise value. Cerberus will be a lead investor in many of these opportunities and I look forward to working with them closely on such opportunities and continuing to work with COAC to help improve the management and operations of Cerberus’ portfolio companies.”
“Bob Nardelli has made enormous contributions to COAC and to Cerberus portfolio companies,” said Steve Feinberg, Cerberus CEO. “We are proud of the deep bench he developed at COAC, and I look forward to continuing working with Bob and his investment company as a lead investor in his transactions and in his role as an advisor with respect to our portfolio. Bob’s friendship and business acumen will continue to be utilized and highly-valued by me and by the entire Cerberus team. We are very pleased to be able to elevate Chan Galbato to the CEO role at COAC to take full advantage of his excellent managerial and operational skill sets and his high energy and focus.”
Galbato serves as chairman of four Cerberus portfolio companies and prior to COAC he served in senior operating executive roles at Invensys, Plc, The Home Depot and Armstrong World Industries. Prior to that, Galbato worked at General Electric for 14 years in various operating and leadership finance positions.
Nardelli said, “Working with the Cerberus team and leading the COAC organization has been a great opportunity and a rewarding experience. Chan Galbato has been working with me over 20 years in multiple roles at many different companies. He is the right person to succeed me as COAC CEO and continue to develop and expand COAC’s proprietary operational platform to support Cerberus and its portfolio companies.”
Nardelli spent more than 30 years at General Electric Co. managing a wide range of businesses, including appliances, lighting, transportation and power systems. He also was CEO and chairman of The Home Depot and CEO and chairman of Chrysler LLC before becoming CEO of COAC in 2009.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P., along with its affiliates, is one of the world’s leading private investment firms with over $20 billion under management. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus holds controlling or significant minority interests in companies around the world. Cerberus is headquartered in New York City with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia.
About Cerberus Operations and Advisory Company, LLC
Cerberus Operations and Advisory Company, LLC, is an affiliate of Cerberus Capital Management, L.P., with over 100 operations and management executives from a wide spectrum of industries and disciplines. COAC assists Cerberus in sourcing, analyzing and monitoring portfolio company investments, and assists its portfolio companies in areas such as general operations and management, risk management, human resources, sales and marketing, information technology, legal, 6-sigma, and procurement.
Contacts:
For Cerberus Capital Management:
Tim Price
(212) 891-1558
[email protected]
For COAC:
Peter Duda
Cerberus Capital Management
(212) 445-8213
[email protected]
For Robert Nardelli:
Bob Marston
(212) 836-4210
[email protected]
