CD&R appoints former Boeing CEO as senior advisor

Jim McNerney, retired chairman and CEO of The Boeing Company, will advise Clayton, Dubilier & Rice funds on investment opportunities and value creation.

New York-based buyout firm Clayton, Dubilier & Rice has appointed James McNerney, retired chairman and chief executive of The Boeing Company, as its senior advisor, the firm said.

McNerney will advise CD&R funds to help identify and evaluate new investment opportunities and drive value creation strategies at the firm’s portfolio companies, it said.

Prior to his tenure at Boeing from 2005 to 2015, he was chairman and CEO of 3M Company from 2000 to 2005, the firm said. He has also worked at General Electric, Procter & Gamble and McKinsey & Company earlier in his career, the firm said.

McNerney joins CD&R’s group of operating professionals drawn from companies such as Unilever, Emerson Electric, Pepsico, GE and Disney. His former General Electric boss Jack Welch is also a senior advisor at CD&R, according to the firm’s spokesman.

CD&R has managed $21 billion investment in 65 businesses.

In May 2014, it held a final close of its Fund IX on $6.43 billion, above the $5 billion and including $434 million from the firm itself, according to PEI's Research & Analytics division. The fund's investor base includes Swedish pension fund AP Fonden 2, the California State Teachers' Retirement System, French insurance company CNP Assurances and British investment firm SVG Capital, according to PEI Research.

Last year, it acquired UK convenience retail operator Motor Fuel Group for £500 million ($761.3 million, €704.8 million) and exited European vehicle reselling network BCA for about £1.2 billion by selling its interest to Haversham Holdings, as reported by Private Equity International.