Carl Icahn has been elected the non-executive chairman of Federal-Mogul Corp.'s board.
``We have very positive relations with Carl Icahn and we welcome him as non-executive chairman,'' said Federal-Mogul President and CEO Jose Maria Alapont.
The automotive parts supplier exited bankruptcy protection on Dec. 28, more than six years after a series of lawsuits resulting from auto parts containing asbestos sent the firm into Chapter 11.
Mr. Icahn, a 71-year-old American billionaire, financier and private equity investor with a reputation as a corporate raider, paid about $775 million for Federal-Mogul's unsecured debt.
As of 2007, Forbes magazine named him the 18th richest man in America with a net worth of about $14.5 billion.