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.
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.