The former Home Depot CEO has resigned from his post as CEO of Cerberus Operations and Advisory Co.
Nardelli will continue to serve as adviser to Steve Feinberg, CEO of Cerberus Capital Management. Nardelli will also focus on his own investing company, called XLR-8.
In a statement, 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.”
Nardelli -- criticized roundly for a top-down brand of management style and excessive compensation during his tenure at Home Depot -- 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 chairman of Chrysler before becoming CEO of COAC in 2009.