Federal-Mogul Corporation, a leading global supplier of powertrain and safety technologies, has announced that Jose Maria Alapont will retire as the President and Chief Executive Officer of the company on March 31, 2012. Alapont will remain with the company in a consulting role to assist with the transition and will also remain on the company's Board of Directors through the 2013 annual meeting of shareholders. Rainer Jueckstock, currently Senior Vice President of the company's Powertrain Energy business unit, has been elected Chief Executive Officer effective April 1, 2012. Jueckstock will also join the company's Board of Directors.
Federal-Mogul has also announced that its Board of Directors has decided to modify the company's corporate structure to create a separate and independent Aftermarket division and has engaged a search firm to fill the position of Chief Executive Officer of the Aftermarket division. The Chief Executive Officer of the Aftermarket division will report directly to the company's Board of Directors. Federal-Mogul's Aftermarket business unit is one of the largest independent global suppliers of leading, premium branded automotive parts, with global sales of $2.3 billion in 2011.
"Jose Maria has been an exceptional leader in turning around Federal-Mogul and building it into a world-class global enterprise. On behalf of Federal-Mogul's Board of Directors, I want to sincerely thank Jose Maria for his dedicated service, for remaining with the company longer than he had originally committed and for his willingness to assist the company during this transition. Jose Maria has more than vindicated my belief in him when he joined Federal-Mogul seven years ago," says Carl C. Icahn, Federal-Mogul's non-executive chairman.
"I have had seven wonderful years at Federal-Mogul working with Carl Icahn, the Board of Directors and the Federal-Mogul team to develop our sustainable global profitable growth strategy and a world-class company. I fully support Rainer as my successor," says Jose Maria Alapont. "I am confident that he will continue our strong track record of providing value to our shareholders, customers and employees."
Jueckstock comments, "Federal-Mogul is truly a great company with a successful history spanning more than 100 years. Jose Maria is leaving the company in a very strong competitive position, and I am honored to have been elected Chief Executive Officer. I also look forward to working with the new Chief Executive Officer of our Aftermarket division to continue to build value for Federal-Mogul's shareholders and customers."
