Oct. 21 (Bloomberg) -- A successful recovery for General Motors Co. and Chrysler Group LLC is “far from assured” and will take time, the former head of the federal government’s auto task force said.

The comments by Steven Rattner today may add pressure on GM and Chrysler to redouble restructuring efforts after the companies emerged from bankruptcy. GM chose a new U.S. sales chief this month, and Chief Executive Fritz Henderson said GM was “on path” to reach its financial goals. Chrysler will unveil its plan Nov. 4.

For GM, “the over-arching question mark is whether without an infusion of new blood its management team can implement the massive cultural change that is needed,” Rattner said. Chrysler’s biggest challenge is its need to regenerate its product lineup and manage a “significantly leveraged” balance sheet, he said.

Rattner’s speech follows a first-person account posted on Fortune magazine’s Web site today in which he says he “was shocked by the stunningly poor management that we found, particularly at GM,” when the U.S. bailed out the automakers. Former GM Chief Executive Rick Wagoner “set a tone of friendly arrogance that seemed to permeate the organization.”

Rattner said in the speech in Washington today that he was “stunned” when the administration’s decision to fire Wagoner was criticized.

“Unfortunately we just did not feel GM was really well managed,” Rattner said. “The culture there was very insular.”

New Company

Henderson, who took over after Wagoner’s ouster, “conveyed more energy and openness to change,” Rattner wrote in the Fortune article. “While nervous about whether Fritz could bring the change GM desperately needed, I was considerably more nervous about the likelihood of recruiting a thoroughbred CEO in the midst of the turmoil.”

Greg Martin, a GM spokesman, said in a statement that “today’s GM is a new company with a strong balance sheet, less debt and a fresh product line-up.”

“Looking back doesn’t help us with the important work we have in front of us,” he said in the statement.

A Chrysler spokeswoman, Linda Becker, said in an e- mail that the company declined to comment.

Rattner’s Departure

Rattner announced his departure in July as head of the U.S. panel that forced GM and Chrysler into bankruptcy, fired Wagoner and demanded concessions from the union and carmakers. As of last month the Treasury Department spent $49.9 billion in Troubled Asset Relief Program funds for GM and $14.3 billion for Chrysler.

His departure left Ron Bloom, a former union adviser and Lazard Ltd. vice president, in charge of the task force. Rattner was named by President Barack Obama to lead the task force in February.

Rattner’s speech was sponsored by the Brookings Institution, a Washington-based public policy group.

He said that progress has been made by the automakers since February.

“No one should expect an overnight turnaround,” Rattner said. “Be patient. Give these companies the time and space they need.”

To contact the reporter on this story: John Hughes in Washington at jhughes5@bloomberg.net

Last Updated: October 21, 2009 14:30 EDT