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Former ABB chief executive Fred Kindle joins Clayton, Dubilier & Rice

Private equity firm Clayton, Dubilier & Rice has announced the recruitment as a partner of Fred Kindle, the former president and chief executive of ABB, the Zurich-based multinational

Private equity firm Clayton, Dubilier & Rice has announced the recruitment as a partner of Fred Kindle, the former president and chief executive of ABB, the Zurich-based multinational power and automation technology group formerly known as Asea Brown Boveri.

Under Kindle’s leadership between 2004 and this year, ABB, the world’s leading supplier of electrical and automation equipment, systems, and services, substantially boosted its core operating sales and profitability.

He was previously president and chief executive of industrial engineering and manufacturing Sulzer from 1999 to 2004, having earlier worked for McKinsey in New York and Zurich. He is a member of the boards of Zurich Financial Services and VZ Holding.

‘Europe is an important market for Clayton, Dubilier & Rice,’ says chief executive Donald J. Gogel. ‘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.’

Roberto Quarta, chairman of CD&R Europe, adds: ‘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 portfolio companies.’

Says Kindle: ‘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.’

Clayton, Dubilier & Rice, which firm is based in New York and London, boasts portfolio investments including companies such as Rexel Group, Hertz Global Holdings, Sally Beauty Holdings, HD Supply and ServiceMaster.

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