Chrysler to workers: "Cerberus is 100% committed"

Posted May 23rd 2007 12:27PM by Jonathon Ramsey

Let the enlightenment begin. At a town hall-style meeting on Monday, Chrysler CEO Tom LaSorda fielded questions from 400 Chysler employees about the fate of the company -- and their jobs -- under new 80% owners Cerberus Capital Management LLP. The message was that Cerberus is completely committed to the company and its workers, but that workers' first concern should be the Recovery and Transformation Plan (RTP).

The RTP was launched in mid-February, and requires job losses, factory closures, global expansion, and quality improvements in order to inject the proper measure of discipline into the company. Eric Ridenour, Chrysler COO, called recent developments "a win-win," and employees described things so far as "pretty much business as usual." Nevertheless, a Chrysler spokesman said "We are still in the first phase of learning about Cerberus and who they are and what it means." If Chrysler itself is still learning what it means, then it reasons that any answers Chrylser gives its employees right now are conditional at best. LaSorda will be holding more Q&A events over the next weeks. In the mean time, everyone anxiously awaits illuminating answers from Cerberus.

[Source: Detroit News] - AUTOBLOG.COM