Chrysler has said that C. Robert Kidder, the former chairman of Borden Chemical and Duracell International, will become chairman of Chrysler Group 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.”
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 CEO of both Duracell International Inc. and Borden Chemical Inc. and as director of such companies as Electronic Data Systems Corporation and General Signal Corporation.
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By GlobalDataKidder is also currently chairman and CEO of 3Stone Advisors LLC, an investment firm that focuses on clean-tech companies.
“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 30 April that, as a result of its comprehensive restructuring plan, it had reached an agreement in principle to establish a global strategic alliance with Fiat to form a new company.
On the same day, Chrysler and 24 of its wholly-owned US subsidiaries also filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in US 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.
Nardelli, Chrysler’s chairman and CEO since August 2007, announced on 30 April his plan to leave the company following the completion of the transactions. He will return to Cerberus Capital Management LP as an advisor.
Upon successful completion of the Fiat 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.