C. Robert Kidder, a former chairman of Borden Chemical Inc. and Duracell International Inc., will take over as chairman of the newGroup LLC, once the auto maker emerges from bankruptcy and completes its tie-up with Italy’s Auto Group.
Kidder succeeds Robert L. Nardelli, who previously said he would leaveLLC once bankruptcy proceedings are completed. CEO Sergio Marchionne is expected to assume Nardelli’s role as CEO.
Nardelli will move to current Chrysler parent, Cerberus Capital Management LP, where he will play an advisory role for the private-equity firm.
“We are most fortunate that Bob Kidder will lead the new company through its transformation,” Nardelli says in a statement. “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.” A University of Michigan industrial engineering grad, Kidder currently serves on the boards of Morgan Stanley, where he is the lead director, Schering-Plough Corp. and Microvi Biotech Inc.
“I am pleased to join Chrysler at a time when Chrysler is poised to launch an exciting new era,” Kidder says. “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.”