Federal-Mogul Corp. has appointed Charles G. (Chip) McClure, 49, as the company's chief executive officer and president, effective July 11. Former CEO Frank E. Macher, 62, will continue as board chairman.
The Southfield-based company said Mr. McClure's move from president and chief operating officer to CEO and president is consistent with the succession plan it announced Jan. 11, 2001, when both he and Mr. Macher joined Federal-Mogul, a global supplier of automotive components, modules, sub-systems and systems serving original equipment manufacturers and the aftermarket.
The firm has been operating under Chapter 11 bankruptcy protection since October 2001, and in April filed its reorganization plan with the Bankruptcy Court for the District of Delaware. It had filed for Chapter 11 protection to shield itself from mounting asbestos claims related to its acquisition of British auto supplier T&N P.L.C. in 1998.
At the time it filed its reorganization plan, Federal-Mogul said it expected to emerge from Chapter 11 some time this summer.
Founded in Detroit in 1899, Federal-Mogul today employs 47,000 people in 25 countries.