Icahn’s Federal-Mogul Says Co-CEO Resigned May 23Mark Clothier
Federal-Mogul Corp., the auto-parts supplier controlled by billionaire Carl Icahn, disclosed today that one of its co-chief executive officers resigned last week.
Michael Broderick, who joined Federal-Mogul last June, resigned May 23, the company said in a regulatory filing. Yesterday, Federal-Mogul announced the appointment of Kevin Freeland as co-CEO and CEO of its vehicle components unit. Freeland, 55, joins Federal-Mogul from Advance Auto Parts Inc., where he was chief operating officer. He joins the board June 17. Rainer Jueckstock is Federal-Mogul’s other co-CEO.
Federal-Mogul’s shares have gained 26 percent this year amid signs its turnaround efforts are working. The Southfield, Michigan-based company is closing factories, mostly in North America and Western Europe, and moving work to lower-cost locations such as Mexico, China and Poland by 2015.
The shares fell 0.8 percent to $10.07 at the close in New York. Federal-Mogul made the filing after the end of regular trading. Icahn, 77, controlled 78 percent of Federal-Mogul’s shares as of March 31, according to data compiled by Bloomberg.