Breaking: Chrysler names C. Robert Kidder as new Chairman

Chrysler LLC announced just minutes ago that C. Robert Kidder, the former Chairman of Borden Chemical and Duracell, will succeed Robert Nardelli as the automaker's new Chairman when the company reforms itself as Chrysler Group LLC and completes its alliance with Fiat.

"We are most fortunate that Bob Kidder will lead the new company through its transformation," said Nardelli in a statement released by the automaker. "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 is currently on the board of Morgan Stanley where he is the lead director of Schering-Plough and Microvi Biotech and he is the Chairman and CEO of 3Stone Advisors LLC, an investment firm that focuses on clean technology companies. Kidder has degrees from Iowa State University and the University of Michigan, though he lives in Columbus, Ohio.

"I am pleased to join Chrysler at a time when Chrysler is poised to launch an exciting new era," Kidder said in a statement. "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."

As has been previously announced, Nardelli will return to Cerberus Capital Management when the Chrysler Group - the "good" parts of Chrysler - emerges from bankruptcy.

Kidder's automotive experience seems to be limited to once working with McKinsey and Company on the account of a "major OEM client" in the industry, according to Chrysler.