advertisement
click to visit Consolidated Bearings
 
  advanced

 
click to visit QA1

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.

printer-friendly version




Share |

- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.


Return to News Headlines

Have bearing industry news leads ?      Send them to news@eBearing.com


See all the news from :
2010    2009    2008    2007    2006    2005    2004    2003    2002    2001    2000    1999   

eBearing.com ... for everything that moves™
Copyright 1999-2011, eBearing Inc. All rights reserved.
Copyright information is on www.copyright.com
Unauthorized reproduction is prohibited.
eBearing Inc, eBearing.com, and "... for everything that moves" are registered trademarks of eBearing Inc.



click to visit GMN Bearing USA Ltd.

eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2011, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.