Coming on the heels of Chrysler’s Chapter 11 announcement is word that after the company emerges from bankruptcy Chief Executive Bob Nardelli will be leaving, according to Automotive News.

Chrysler CEO Bob Nardelli

The 6o-year-old executive joined the automaker when Cerberus Capital Management bought 80 percent of the company from Daimler-Benz in 2007. Despite his short tenure, Nardelli negotiated with the UAW and the Treasury Department’s autos task force. He will remain as an adviser at Cerberus.

Before joining Chrysler, Nardelli was CEO of Home Depot, a position he left while under attack from shareholders for the company’s stock price remaining flat while competitor Lowe’s shares doubled in price. Stockholders were further enraged when it was revealed that Nardelli’s golden parachute was worth about $210 million. Nardelli’s manufacturing background and methods didn’t fit very well with managing the large retailer. Despite using his experience as a top executive at General Electric to streamline Home Depot’s operations, increase sales and profits, critics felt his salary warranted more performance and innovation from the company.

The top spot at Chrysler could be filled with either Vice Chairman and President Tom LaSorda—who held the post before the Cerberus buyout—or Co-President Jim Press, who left Toyota’s U.S. operations after rising higher than any non-Japanese executive ever did or likely ever will.

Our money’s on Press. He left a solid position at Toyota and probably not so he could be co-number two. Press was especially popular with Toyota’s dealers, but with cuts looming over the Chyrsler network, he’ll have his work cut out for him. Press also has the chops when it comes to product, Chrysler’s most critical area.