Auburn Hills, MI. – US carmaker New Chrysler has appointed Bob Nardelli, the former boss of the DIY store chain Home Depot, as Chairman and Chief Executive.

Nardelli is best-known for his record-breaking $210m severance package, including $20m in cash, he received following his abrupt resignation from Home Depot in January.

He has reportedly agreed to take the Chrysler post for an annual salary of just $1 with further pay related to the carmaker’s performance.