Chrysler LLC, the struggling No. 3 U.S. automaker purchased by private equity firm Cerberus Capital Management, is expected to return to profit within three years, Cerberus chairman John Snow said.

I think you'll see that Chrysler will be in much better shape within three years. This is a plan to get it back to profitability, the former U.S. treasury secretary told the Financial Times in an interview.

The new environment being created gives it a better prospect... We have a number of experienced executives who can be seconded to the business and bring fresh eyes.

On Monday, Cerberus named former Home Depot Inc. chief executive Robert Nardelli as chairman and chief executive of Chrysler in an executive shake-up just after it completed a $7.4-billion deal with the automaker's former parent Daimler.