Word: auto
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Execs have reportedly had an eye on him since March. He may not have auto experience, but he managed to climb the ladder at GE and to streamline Home Depot's operations without ever having worked in retail...
...will be tough. Chrysler lost $1.4 billion last year. Thus far, the private-equity buyout has left the company in more debt than anticipated, and Detroit's Big Three are headed into tricky negotiations with the United Auto Workers...
Chrysler's fate could be the sign of what is to come for the U.S. auto industry and labor unions. Some say Cerberus' difficulty securing loans for the deal could also mean that the heyday of private equity is over...
...physical foundation-its infrastructure-also needs work. "If you went to Kennedy Airport and Shanghai airport, which would you say is the more advanced country?" asks Rubin. China's roads are in better shape than many found in the U.S., starting with the potholed, neglected highways near the Detroit auto factories that put America on wheels in the first place. On trains zipping past Indian fields, passengers surf the Internet on their laptop computers. On subway cars deep underground in China, riders chat on cell phones. Not in America. Indeed, Intel and other companies have hired Chinese researchers to work...
...from speaking up when he feels a takeout isn't fair. "Oh, absolutely," he said. "Our fiduciary obligation is to maximize the returns and the valuation for our investors." Carl Icahn more recently suffered a similar predicament when shareholders rebelled against his offer for auto-parts maker Lear Corp., forcing him to cough up more cash. And several PE financings have flopped because investors balked at the lenient loan terms...