The New Chrysler marked the "First Day" of a new era on August 6, 2007 by bringing back its Pentastar corporate logo, announcing a new corporate advertising campaign and staging a celebratory rally for thousands of employees on the lawn outside its company headquarters. The "First Day" events follow the August 3 contract signing under which New York-based Cerberus Capital Management assumed majority ownership of the company, with former owner DaimlerChrysler AG maintaining a significant minority stake.
In an address to employees around the world, Chrysler Chairman and CEO Bob Nardelli and Chrysler Vice Chairman and President Tom LaSorda outlined the strong suits of The New Chrysler as a blend of longstanding traits and a willingness to embrace new processes to thrive in today's ultra-competitive marketplace. The new management team of Nardelli and LaSorda was announced earlier the day.
The New Chrysler is breaking ground as the first major North American auto manufacturer to become privately owned in more than half a century. Both executives pointed out that a key benefit of going private is that it would allow The New Chrysler to strengthen its focus on long-term success rather than pursuing the short-term expectations of capital markets.