Federal-Mogul names Kevin Freeland as co-chief executive

Article by Anita Panait, on May 30, 2013

Federal-Mogul Corp. has appointed Kevin Freeland as its co-chief executive. The supplier also named Freeland as chief executive of its aftermarket product operations, Vehicle Components Segment. Freeland’s appointment takes effect June 17, 2013, replacing Michael Broderick. Federal-Mogul spokesman Steven Gaut confirmed in an e-mail to Automotive News that Broderick is no longer the co-CEO of the company and CEO of its aftermarket product operations.

Gaut would not tell whether Broderick resigned or was terminated as co-CEO. Freeland, on the other, will share corporate CEO duties with Rainer Jueckstock. Carl Icahn, chairman of Federal-Mogul’s board, welcomed Freeland to the company, adding that the board is looking forward to his leadership in growing the aftermarket division and “building upon its world-class products and strong customer base." Icahn holds a 77.5-percent percent in Federal-Mogul.

Federal-Mogul produces and distributes more than 20 brands in the automotive aftermarket, including Champion spark plugs, MOOG chassis parts and ANCO wiper blades. Aside from the appointment, Federal-Mogul also disclosed that it would launch a $500-million stock rights offering, which proceeds will be used to refinance debt.

The auto supplier will offer to each shareholder one transferable subscription right for every whole share of common stock they own on June 7, 2013, at 5 p.m. For each right, shareholders could purchase the share at a price of $9.78 per share. Federal Mogul will also offer over-subscription package to enable shareholders to acquire additional shares beyond those rights, subject to the availability and allocation of shares among other shareholders who want to buy additional stock.

Topics: federal mogul

If you liked the article, share on:

Comments

Recommended

One of the executives at Volkswagen tagged in the so-called Dieselgate scandal has pleaded not guilty to a list of allegations surrounding the carmaker’s actions to cheat emissions regulations in...
by - February 27, 2017
When the Crown De Luxe saloon was first released in 1972, it was at that time the most lavish Toyota model available to British customers. Both unusual and exclusive, one...
by - February 27, 2017
The ride-sharing fleet of sharing Lyft Inc. will soon include thousands of specially fitted self-driving Chevrolet Bolt electric vehicles, courtesy of General Motors. If plans push through, Lyft’s clients would...
by - February 27, 2017
J.D. Power has officially released the 2017 Vehicle Dependability Study, an annual list of the most dependable brands in the auto industry. Once again coming on top is Lexus, the...
by - February 26, 2017
Citroen revealed that its entry to the Chinese market is moving forward with the planned release of the new generation C5. While still on sale on this part of the...
by - February 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries