Chrysler's new private owners say they have picked former Home Depot boss Bob Nardelli to head the No. 3 U.S. automaker in its effort to return to financial health.

The board of the reorganized Chrysler LLC elected Nardelli as chairman and chief executive, the company said in a news release Sunday night.

Nardelli, who became chief executive of The Home Depot Inc. in 2000, resigned abruptly in January after criticism over his pay and the company's slumping share price.

"Chrysler has many deeply talented and dedicated people, and I am confident that together we can continue the momentum of Chrysler's recovery," Nardelli said in the statement.

Former Chrysler executive Wolfgang Bernhard, a senior adviser to Cerberus, had been widely expected to be named chairman. He was offered a position with the company but elected not to accept it.