DETROIT — Chrysler became an American company again yesterday as Cerberus Capital Management gained a controlling share from Chrysler's German owners and started on the long road to restoring the 82-year-old automaker's luster — and profits.

DaimlerChrysler AG transferred an 80.1 percent stake in Chrysler to New York-based Cerberus, one of the world's largest private equity firms, in a $7.4 billion deal. The German automaker retained a 19.9 percent interest in the new company, Chrysler LLC.

"After months of uncertainty, then a period of transition, we are beginning a new chapter in Chrysler's proud history — and we have the chance to write a terrific story," Chrysler Chief Executive Tom LaSorda said in an e-mail to employees.

With the closing, Chrysler becomes the first U.S. automaker in private hands since Ford Motor Co. went public in 1956. Chrysler, which plans a companywide celebration Monday where it will revive its five-sided star logo, will be free of the short-term quarterly earnings pressures that public companies face, since there will be no Chrysler shares.

"Going private means we can bring laser-like focus to our business and make the long-term investments needed to compete," LaSorda said.

DaimlerChrysler shares will become Daimler shares, but otherwise shareholders won't be affected.

While Chrysler made $1.8 billion in 2005, it lost $618 million in 2006. The losses brought on the sale and forced Chrysler to announce a plan to shed 13,000 hourly and salaried jobs in the U.S. and Canada by 2009.