Freedom Group Inc. said Friday that its CEO Robert Nardelli has stepped down as head of the firearms maker just two months after officially taking the helm.
Nardelli, 63, is the former CEO of The Home Depot and Chrysler and worked for many years as an executive at General Electric. He joined the Freedom in 2010 as chair of the Office of the Chief Executive Officer and was officially named CEO on Jan. 3.
He said in a statement Friday that it was a good time for him to focus on his investment and consulting company, XLR-8 LLC.
Freedom Group makes guns and ammunition with several brand names, including Remington, Bushmaster and Harrington & Richardson. It is owned by an affiliate of private investment firm Cerberus Capital Management LP.
George Kollitides, 42, a former managing director at Cerberus Capital Management and member of Freedom Group's board, will act as interim CEO of the company.
Freedom Group said it expects to name a permanent successor for Nardelli soon.
Nardelli has also transitioned into a role as senior advisor to the CEO of Cerberus and the company's affiliate Cerberus Operations and Advisory Co. LLC. Freedom Group's chairman John Blyston will also transition to a role as senior advisor to Cerberus and its affiliates
Kollitides will replace Blystone as chairman of the board of Freedom Group.
The companies also said Nardelli will step down as CEO of Cerberus Operations and Advisory Co. and his long-time protégé Chan Galbato will take over that role.
- Freedom Group
- Cerberus Capital Management