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The eBearing News
October 1, 2001


Federal-Mogul's Miller Joins Bethlehem
Steel in Turnaround Effort
copyright © 2001 eBearing Inc.

Interim Federal-Mogul chief executive and current board member Robert S. (Steve) Miller Jr. has taken the CEO position at troubled Bethlehem Steel Corporation.

Mr. Miller, a turnaround expert brought in to help troubled companies get on their feet, ran Federal-Mogul from September 2000 through January 2001, the period between when former CEO Richard Snell was forced out and the current management team took over.

During his tenure at Federal-Mogul, Mr. Miller received a pay package of $20,000 per month and 95,000 options at $7.50 per share.

When the new management team took over in January 2001, Mr. Miller began his current 18-month term as non-executive Chairman of Federal-Mogul.

Mr. Miller s not expected to become involved in Bethlehem's day-to-day operations, instead focusing on renegotiating union contracts and prodding the U.S. government for additional protections for the domestic steel industry.

His history includes 12 years at Chrysler Corporation, where he was the chief negotiator involved in engineering the company's government bailout in 1980.

"Beginning with my experience in 1980 in the rescue of Chrysler Corporation, I have seen firsthand the miracles that can be accomplished when management, labor and government all come together. I intend to see that happen here at Bethlehem," he said.

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- by Bruce A. Carr
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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.