Uwe Loos, CEO of FAG Kugelfischer Georg Schaefer AG, will be leaving the company shortly. According to a FAG spokesman, Mr. Loos will be gone by the end of 2001.

FAG is being taken over by INA Holding Schaeffler KG. INA's CEO Juergen Geissinger will run both companies, leaving no room for Mr. Loos. His severance package has not been disclosed, although a clause in INA's acquisition agreement reportedly requires that the company honor FAG senior management's financial contracts.

Separately, FAG's supervisory board appointed Klaus Lederer as its new Chairman.