LONDON and NEW YORK, June 6 /CNW/ - Clayton, Dubilier & Rice, a leading
private equity firm today announced that Fred Kindle, the former President and
Chief Executive Officer of ABB Ltd. (NYSE: ABB), has become a Partner of the
Under Mr. Kindle's leadership, ABB, the world's leading supplier of
electrical and automation equipment, systems, and services accomplished an
impressive turnaround in performance during the period 2004-8, with core
operating sales and profitability both rising substantially. Prior to ABB, Mr.
Kindle served from 1999-2004 as President and Chief Executive Officer of
Sulzer, a global industrial engineering and manufacturing company, where he
led a significant portfolio restructuring and profit enhancement.
Donald J. Gogel, Chief Executive Officer of CD&R, commented: "Europe is
an important market for Clayton, Dubilier & Rice. We believe that our success
working on large global divestitures across a range of industries and building
value by improving long-term business performance aligns well with the
opportunities to help large, global companies reshape their portfolios. We are
pleased to welcome Fred to the Firm."
Roberto Quarta, Chairman of CD&R Europe, commented: "We are very excited
to have an exceptional industrial leader of Fred's calibre join our team. Our
operating partners are integral to the CD&R model, and instrumental in helping
source transactions and supervising the transformation and growth of our
Mr. Kindle commented: "CD&R is a firm with a long and successful record
of improving the underlying operating performance of portfolio companies,
which has never been more relevant than it is today. I am pleased to join a
group with such a strong sense of shared values, and I look forward to
applying my management experience as part of the CD&R team."
Prior to Sulzer, Mr. Kindle also served at McKinsey & Company in New York
and Zurich. He is a member of the Boards of Zurich Financial Services and VZ
About Clayton, Dubilier & Rice
With 30 years of history, Clayton, Dubilier & Rice, Inc. is one of the
most experienced and respected private equity firms. The Firm's focused
investment strategy is predicated on producing superior financial returns
through building stronger, more profitable businesses. Approximately 90
percent of the Firm's historical returns have resulted from improved operating
performance. CD&R's portfolio investments include global market leaders such
as Rexel Group (RXL.PA), Hertz Global Holdings, Inc. (NYSE: HTZ), Sally Beauty
Holdings, Inc. (NYSE: SBH), HD Supply and The ServiceMaster Company. The firm
is based in New York and London. http://www.cdr-inc.com.
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