F-M’s Alapont Retires; Company To Form New Aftermarket Division
Federal-Mogul Corp. CEO Jose Maria Alapont has retired as the president and CEO of the company effective March 31. Rainer Jueckstock, formerly senior vice president of the company’s powertrain energy business unit, has been elected CEO effective April 1.
Alapont will remain with the company in a consulting role to assist with the transition and will also remain on the company’s board of directors through 2013. Jueckstock also will join the company’s board of directors.
Federal-Mogul also announced that its board has decided to modify the company’s corporate structure to create a separate and independent aftermarket division and has engaged a search firm to fill the position of CEO of the aftermarket division.
The CEO of the aftermarket division will report directly to the company’s board of directors. Federal-Mogul’s aftermarket business unit is one of the largest independent global suppliers of leading, premium branded automotive parts, with global sales of $2.3 billion in 2011.
“On behalf of Federal-Mogul’s board of directors, I want to sincerely thank Jose Maria for his dedicated service, for remaining with the company longer than he had originally committed and for his willingness to assist the company during this transition,” said Carl Icahn, Federal-Mogul’s non-executive chairman.
“I have had seven wonderful years at Federal-Mogul working with Carl Icahn, the board of directors and the Federal-Mogul. I fully support Rainer as my successor,” said Alapont.
Jueckstock added, “I also look forward to working with the new CEO of our aftermarket division to continue to build value for Federal-Mogul’s shareholders and customers.”
For more information about Federal-Mogul, visit www.federalmogul.com