AUBURN HILLS,
Mich. — Chrysler LLC announced Wednesday 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., Kidder
worked with a major OEM client in the automotive industry. Kidder 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.
