C. Robert Kidder to Become Chairman of Chrysler Group LLC
AUBURN HILLS, Mich., May 20, 2009; Chrysler LLC today announced that C. Robert Kidder, former Chairman of Borden Chemical Inc. and of Duracell International Inc., will become Chairman of Chrysler Group LLC, once it completes its acquisition of the operating assets of Chrysler LLC and completes a global alliance with Fiat SpA. He will succeed Robert L. Nardelli.
"We are most fortunate that Bob Kidder will lead the new company through its transformation," said Nardelli. "My number one priority has been to preserve Chrysler and the livelihoods of thousands of people who depend on its success. With his broad expertise serving on numerous world-class boards and his accomplished business background, Bob will provide the leadership and strategic counsel that will help to create a strong global competitor moving forward."
With more than 40 years of experience, Kidder currently serves on the boards of Morgan Stanley, where he is the lead director, Schering-Plough Corporation, and Microvi Biotech Inc. He previously has served as Chairman and Chief Executive Officer of both Duracell International Inc. and Borden Chemical Inc. and as director of such companies as Electronic Data Systems Corporation and General Signal Corporation. During his tenure with McKinsey and Co. Inc., Bob worked with a major OEM client in the automotive industry. Bob currently is Chairman and CEO of 3Stone Advisors LLC, an investment firm that focuses on clean-tech companies. He holds an M.S., Industrial Economics from Iowa State University and a B.S., Industrial Engineering from the University of Michigan. He resides with his family in Columbus, Ohio.
"I am pleased to join Chrysler at a time when Chrysler is poised to launch an exciting new era," said Kidder. "I am confident that Chrysler will emerge from Chapter 11 a lean and powerful competitor, combining its own rich history of innovation with Fiat's technology and expertise to invigorate the American car market and to challenge other car companies around the globe."
Chrysler LLC announced on April 30, 2009 that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it had reached an agreement in principle to establish a global strategic alliance with Fiat to form a vibrant new company.
On the same day, Chrysler LLC and 24 of its wholly-owned U.S. subsidiaries also filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court for the Southern District of New York. Chrysler also filed a motion under Section 363 of the Bankruptcy Code requesting the swift approval by the Court of the agreement with Fiat and the sale of Chrysler's principal assets to the new company. The benefit of this type of filing is speed. It will allow a leaner new company to emerge in less than 60 days from the time of filing, well positioned for long-term viability.
Nardelli, Chrysler's Chairman and CEO since August 2007, announced on April 30 his plan to leave the company following the completion of the transactions. He will return to Cerberus Capital Management LP as an advisor. He said that it was "an appropriate time to let others take the lead in the transformation of Chrysler with Fiat, and I will work closely with all of our stakeholders to see that this new company swiftly emerges with a successful closing of the alliance."
As stated in the terms of agreement, upon successful completion of the alliance, a board of directors for the new company will be appointed. The majority of the directors will be independent (not employees of Chrysler or Fiat). The board will select a CEO with Fiat's concurrence.
Complete biography of C. Robert Kidder
C. Robert Kidder will join Chrysler Group LLC as Chairman, once it completes its acquisition of the operating assets of Chrysler LLC and completes a global alliance with Fiat SpA. Currently, Kidder is Chairman and Chief Executive Officer (CEO) of 3Stone Advisors LLC, an investment firm that focuses on clean-tech companies.
With more than 40 years of experience, Kidder has served as Chairman and Chief Executive Officer of both Duracell International Inc. and Borden Chemical Inc. and as director of such companies as Electronic Data Systems Corporation and General Signal Corporation.
While at Duracell, he advanced through a series of leadership positions including Vice President, Finance and Administration of Duracell Europe and President Duracell U.S.A. In 1994, Kidder joined Borden, Inc. as CEO. In 1996, he organized Borden Capital Management Partners, an entity providing private equity investments, corporate governance functions, mergers and acquisitions expertise, and strategic partnering across the Borden Family of Companies. Later, in 2001, Borden Chemical was merged with Borden, Inc., where Kidder continued as Chairman, Borden Chemical, Inc. He retired from Borden Capital in 2003.
Prior to joining Duracell, Kidder was Vice President, Planning and Development for Dart Industries in Los Angeles. He also worked with McKinsey & Company in Chicago as a general management consultant and served as an officer in the U.S. Navy Civil Engineer Corps.
His work and academic background includes:
- Chairman, Chrysler Group LLC, 2009
- Chairman and Chief Executive Officer, 3Stone Advisors LLC, 2006
- Principal and Partner Stonehenge Partners, Inc., April 2004
- Chairman, Borden Chemical, Inc., 2001
- Chairman and Chief Executive Officer, Borden, Inc., 1995
- Chairman and Chief Executive Officer, Duracell International, Inc., May 1991
- Chief Executive Officer, Duracell Inc., August 1984
- President, Duracell U.S.A., March 1982
- Vice President, Sales and Marketing, Duracell U.S.A., August 1981
- Vice President, Finance and Administration, Duracell Europe, June 1980
- Vice President, Planning and Development, Dart Industries
- Consultant, McKinsey & Company
- Officer, U.S. Navy Civil Engineer Corps
- Master of Science, Iowa State University
- Bachelor of Science, University of Michigan
Kidder currently serves on the Boards of Directors of Morgan Stanley, Schering-Plough Corporation and Microvi Biotech Inc. He is also on the Board of Trustees of Nationwide Children’s Hospital (Columbus, Ohio), President of the Wexner Center Board (Columbus, Ohio), and is Chairman of the Board of Trustees of Ohio University.
He holds an M.S., Industrial Economics from Iowa State University and a B.S., Industrial Engineering from the University of Michigan. He currently resides with his family in Columbus, Ohio.