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The eBearing News
October 12, 2001


Macher Replaces Miller as Federal-Mogul Chairman
copyright © 2001 eBearing Inc.

Federal-Mogul Corporation (Southfield, Michigan) has named CEO Frank Macher to the additional post of Chairman at the troubled autoparts maker. Mr. Macher replaces Robert S. (Steve) Miller, Jr.

Federal-Mogul filed for Chapter 11 bankruptcy protection on October 1, 2001.

In Fall 2000, Federal-Mogul fired Richard Snell - its Chairman, CEO and President - replacing him with Mr. Miller. Mr. Miller, a turnaround expert, is brought in to try to help troubled companies get back on their feet.

Mr. Miller headed the company until January 2001, when a new management team, led by Mr. Macher, took over. Mr. Miller was then named to an 18-month term as non-executive Chairman which would have run through June 2002.

In the last week of September, just as Federal-Mogul was preparing to file for Chapter 11 bankruptcy protection, Mr. Miller accepted another turnaround assignment. He is now Chairman and CEO of Bethlehem Steel Corporation.

[ click here to read the article about Miller joining Bethlehem Steel]

Federal-Mogul claims the appointment of Mr. Macher to the post of Chairman merely, "accelerates a leadership succession plan." but observers have noted any company in Chapter 11 needs clearly defined, involved leadership. Mr. Miller's absentee Chairmanship was seen as a weak point which had to be addressed.

For the time being, Mr. Miller will retain his seat on Federal-Mogul's board.

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- by Bruce A. Carr
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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.