Troubled Federal-Mogul Names New Top Execs
SOUTHFIELD, Mich., Jan. 11 Federal-Mogul Corporation
Chairman Robert S. (Steve) Miller announced today the appointments
of Frank E. Macher to chief executive officer and Charles G. (Chip) McClure to
president and chief operating officer, effective immediately. Macher will
report to Miller, who will remain non-executive chairman of the Board of
Directors, and McClure will report to Macher. Both Macher, 59, and McClure,
47, will join Federal-Mogul's Board of Directors.
Today's announcement launches a leadership succession plan at
Federal-Mogul. Macher is scheduled to succeed Miller, becoming executive
chairman of the Board of Directors in July, 2002. Miller will continue to
serve as a Federal-Mogul director. At the same time, McClure will succeed
Macher as chief executive officer and president.
"I'm thrilled we have two automotive industry veterans whose operational
experience not only strengthens our company but also our Board of Directors,"
said Miller. "The addition of high-caliber executives like Frank and Chip to
our team is a strong testament to our company heritage and future prospects."
Frank E. Macher, Chief Executive Officer
"Joining the Federal-Mogul team is a great honor," said Macher. "In the
automotive industry, Federal-Mogul is known for quality products, strong brand
names, and great people. I look forward to working together with the team to
move this wonderful company forward."
Macher has nearly 35 years of automotive industry experience, and has held
senior positions at both a large global supplier and a major auto
manufacturer. Macher served as president and chief executive officer of the
former ITT Automotive, a $6-billion global automotive supplier, from July 1997
to January 1999. In this role, he had full management responsibility for the
Auburn Hills, Michigan-based supplier, which provided customers with a broad
range of original equipment and aftermarket systems and products.
Prior to joining ITT, Macher served 30 years at Ford Motor Company in a
variety of progressively responsible positions in management, manufacturing,
engineering and quality. His last position at Ford was vice president and
general manager of the Automotive Components Division, the predecessor to the
current Visteon Corporation. In this position, Macher had responsibility for
global development, engineering, production and sales operations representing
$10 billion in annual revenue, with 48,000 employees at 51 facilities around
the world. While at Ford, Macher served as general manager of the Plastic and
Trim Products Division, the Electronics Division and the Electrical and
Electronics Division. His other roles included vice president of northern
Pacific operations, based in Tokyo, Japan; and general manufacturing manager
and plant manager at several Michigan facilities. He began his Ford career in
1966 as a manufacturing development engineer.
Macher earned a master of business administration degree from Michigan
State University, East Lansing, Michigan, and a bachelor of science degree in
mechanical engineering from General Motors Institute, Detroit, Michigan.
Since leaving ITT in 1999, Macher has been active on the boards of
directors of Tacoma International and Tenneco Automotive, and on the board of
trustees of Kettering University.
Charles G. (Chip) McClure, President and Chief Operating Officer
"Joining Federal-Mogul is very exciting because of this company's inherent
strength and reputation with our customers," said McClure. "I look forward to
strengthening those ties and working hands-on with our operations to provide
the operating efficiencies necessary to succeed in today's demanding
marketplace."
McClure has nearly 20 years of automotive industry experience, in a
variety of leadership roles. Prior to joining Federal-Mogul, he served as
president, chief executive officer and a member of the board of directors of
Detroit Diesel Corporation, a major designer and manufacturer of diesel
engines and related products, which was acquired by Daimler-Chrysler
Corporation in October 2000. McClure joined Detroit Diesel in August 1997 as
president.
From 1983 to 1997, McClure held a variety of increasingly responsible
positions at Johnson Controls, a Milwaukee, Wisconsin-based global automotive
supplier. His last assignment at Johnson Controls was president -- The
Americas, with management responsibility for a $3-billion group with
50 manufacturing plants that supplied seating systems and components,
headliners, door panels and interior trim. Before that, he was vice president
and managing director of the company's $1-billion European operation, based in
Burscheid, Germany. Prior to the European assignment, he was vice president
and general manager -- joint ventures, directing the company's joint venture
activities and its business with Ford Motor Company and Chrysler Corporation,
after serving as general manager of two key business units.
McClure worked from 1983 to 1985 at Hoover Universal, acquired by Johnson
Controls in 1985, serving as operations director, material handling products
for the newly formed business. Before that, he spent four years at Ford as a
heavy-duty truck sales engineer and field service engineer. He served as a
lieutenant (jg) on a U.S. Navy destroyer from 1975 to 1979.
McClure earned a master of business administration degree from the
University of Michigan, Ann Arbor, Michigan, and a bachelor of science degree
in mechanical engineering from Cornell University, Ithaca, New York. He is
active on the board of directors of R. L. Polk and Company and on the Cornell
University Council.
Headquartered in Southfield, Michigan, Federal-Mogul is an automotive
parts manufacturer providing innovative solutions and systems to global
customers in the automotive, light trucks, heavy duty, farm and industrial
markets. The company was founded in 1899. For more information on
Federal-Mogul, visit the company's web site at http://www.federal-mogul.com .
Federal-Mogul's press releases are available by fax through Company News
On-Call, call 800-758-5804, ext. 306225.
