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The eBearing News
September 19, 2000
Federal-Mogul CEO Snell Resigns,
Company Issues Third Quarter 2000 Earnings Warning
copyright © 2000 eBearing Inc.
Troubled auto parts and manufacturing conglomerate Federal-Mogul Corporation (Southfield, Michigan) announced today that
Dick Snell, Chairman, CEO and President since November 1996 has resigned, "by mutual agreement".
Mr. Snell will be replaced by outside director Robert S. (Steve) Miller Jr. as interim Chairman and CEO while
the company's Governance and Nominating Committee conducts an internal and external
search for a new CEO and President.
Under intense pressure to resign for quite some time, Mr. Snell's direction for the company has stumbled,
financial performance has continually deteriorated, "failure to fully achieve planned efficiencies"
tainted a spree of acquisitions, profits declined, jobs were cut and over 20 facilities
were closed. Federal-Mogul's share price has reflected its business problems, falling from almost
$60.00 per share as recently as 18 months ago to a recent $7.00.
In the same breath with the news of Mr. Snell's departure, Federal-Mogul issued yet another warning,
this time that third quarter 2000
earnings will be, "well below expectations", at approximately zero,
versus earlier analyst estimates of up to $0.54 per share.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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