The Board of Directors of
Federal-Mogul Corporation FDML, a global supplier of
powertrain and safety technologies, and of leading brands in the
worldwide automotive aftermarket, today announced the appointment of
Daniel A. Ninivaggi as Co-Chief Executive Officer of the company and
Chief Executive Officer of its Vehicle Component Solutions (VCS) group.
Mr. Ninivaggi previously served as President and Chief Executive Officer
of Icahn Enterprises L.P., the company's majority-shareholder, where he
continues to serve as a Director of its general partner. Prior to
joining Icahn Enterprises, he served in a variety of executive positions
at Lear Corporation, a leading Tier I automotive supplier, most recently
as Executive Vice President and Chief Administrative Officer. Mr.
Ninivaggi will report to the company's Board of Directors and will
remain a member of the Board on which he has served since 2010. He is
replacing Kevin Freeland, who is leaving the company for personal
reasons.
"I am delighted to have Dan serve as the CEO of the VCS group and
believe he will be able to utilize his significant automotive industry
experience to drive synergies and profitable growth within this segment
of the business," stated Carl C. Icahn, Chairman of the Board of
Federal-Mogul. "The Board of Federal-Mogul has a strong focus in this
segment, as noted by the recent transactions with Honeywell and Affinia;
and Dan was a strong supporter of each of these opportunities."
"I have had the pleasure of working with Dan for years in his capacity
as a director of Federal-Mogul and welcome him as Co-CEO and CEO of the
VCS segment," stated Rainer Jueckstock, Federal-Mogul Co-CEO and CEO of
the company's Powertrain segment. "Dan's knowledge of the company, its
management team, mergers and acquisitions, and the automotive sector in
general will be invaluable in facilitating a solid working relationship
between the Powertrain and VCS segments, and I look forward to having
him join our management team."
Daniel Ninivaggi commented, "Federal-Mogul has a 100 year-old legacy as
one of the largest independent global suppliers of leading,
premium-branded automotive parts to the automotive aftermarket. It is a
great American company that currently operates in more than 30
countries. With the support of a talented management team, I am
excited to build upon the company's existing strenths and position
Federal-Mogul's products as the preferred choice of customers globally.
I also look forward to working with Rainer Jueckstock, our Co-CEO and
the CEO of Federal Mogul's Powertrain group, to build a great company
and deliver value to our customers and shareholders."
Federal-Mogul manufactures and distributes more than 20 of the world's
most recognized auto parts brands, including ANCO(R) wiper blades,
Champion(R) spark plugs, MOOG(R) chassis parts, and Wagner(R) brake
products.
About Federal-Mogul
Federal-Mogul Corporation FDML is a leading global supplier of
products and services to the world's manufacturers and servicers of
vehicles and equipment in the automotive, light, medium and heavy-duty
commercial, marine, rail, aerospace, power generation and industrial
markets. The company's products and services enable improved fuel
economy, reduced emissions and enhanced vehicle safety.
Federal-Mogul operates two independent business segments, each with a
chief executive officer reporting to Federal-Mogul's Board of Directors.
Federal-Mogul's Powertrain Segment designs and manufactures original
equipment powertrain components and systems protection products for
automotive, heavy-duty, industrial and transport applications.
Federal-Mogul's Vehicle Components Segment sells and distributes a broad
portfolio of products through more than 20 of the world's most
recognized brands in the global vehicle aftermarket, while also serving
original equipment vehicle manufacturers with products including braking,
chassis, wipers and other vehicle components. The company's aftermarket
brands include ANCO(R) wiper blades; Champion(R) spark plugs, wipers and
filters; AE(R) , Fel-Pro(R) , FP Diesel(R) , Goetze(R) , Glyco(R) ,
Nüral(R) , Payen(R) and Sealed Power(R) engine products; MOOG(R)
steering and suspension parts; and Ferodo(R) and Wagner(R) brake
products. Federal-Mogul was founded in Detroit in 1899. The company
employs 44,500 people in 34 countries, and its worldwide headquarters is
in Southfield, Michigan, United States. For more information, please
visit www.federalmogul.com.
Forward-Looking Statements
Statements contained in this press release, which are not historical
fact, constitute "Forward-Looking Statements." Actual results may differ
materially due to numerous important factors that are described in
Federal-Mogul's most recent report to the SEC on Form 10-K, which may be
revised or supplemented in subsequent reports to the SEC on Forms 10-Q
and 8-K. Such factors include, among others, fluctuations in domestic
or foreign vehicle production, fluctuations in the demand for vehicles
containing our products, the Company's ability to generate cost savings
or manufacturing efficiencies to offset or exceed contractually or
competitively required price reductions or price reductions to obtain
new business, conditions in the automotive industry, the success of the
company's segmentation and corresponding effects and general global and
regional economic conditions. Federal-Mogul does not intend or assume
any obligation to update any forward-looking statements.
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