February 16, 2016.... The Board of
Directors of Federal-Mogul Holdings LLC, a leading global original equipment
and aftermarket automotive supplier, today announced the appointment of Bradley
S. Norton as co-chief executive officer of the company and chief executive officer
of its Motorparts division, effective March 8, 2017. Rainer Jueckstock will
remain as co-chief executive officer of Federal-Mogul Holdings LLC and CEO of
more than 25 years of global automotive experience in both original equipment
and the aftermarket. He joined Federal-Mogul Motorparts in 2014 as senior vice
president and general manager, chassis & service. Norton previously served
as president and a board member of Freudenberg-NOK, the Americas joint venture
between Freudenberg GmbH and NOK Corporation. Prior to joining Freudenberg-NOK,
he held a series of increasingly responsible leadership positions in operations,
supply chain, commercial and organizational strategy with BorgWarner, Nissan
North America, AlliedSignal and other companies. Norton will report to the
company's board of directors.
Norton succeeds Daniel A. Ninivaggi, who had served as co-CEO and
CEO of Federal-Mogul Motorparts since 2014.
Ninivaggi will return to Icahn Enterprises L.P., Federal-Mogul's parent
company, where he will serve as managing director of IEP's automotive segment.
Ninivaggi previously served as CEO of Icahn Enterprises from 2010 until 2014.
in this press release which are not historical fact constitute
"Forward-Looking Statements." Actual results may differ materially
due to numerous important factors that are described in Federal-Mogul's most
recent report to the SEC on Form 10-K, which may be revised or supplemented in subsequent
reports to the SEC on Forms 10-Q and 8-K. Such factors include, but are
not limited to, the company's ability to successfully integrate and achieve the
anticipated synergies from recent acquisitions, fluctuations in domestic or
foreign vehicle production, fluctuations in the demand for vehicles containing
our products, the company's ability to generate cost savings or manufacturing
efficiencies to offset or exceed contractually or competitively required price
reductions or price reductions to obtain new business, conditions in the
automotive industry, and corresponding effects and general global and regional
economic conditions. Federal-Mogul does not intend or assume any obligation to
update any forward-looking statements.
Holdings LLC is a leading global supplier of products and services to the
world's manufacturers and servicers of vehicles and equipment in the
automotive, light, medium and heavy-duty commercial, marine, rail, aerospace,
power generation and industrial markets. The company's products and services
enable improved fuel economy, reduced emissions and enhanced vehicle safety.
operates two independent business divisions, each with a chief executive
officer reporting to Federal-Mogul's Board of Directors.
Motorparts sells and distributes a broad portfolio of products through more
than 20 of the world's most recognized brands in the global vehicle
aftermarket, while also serving original equipment vehicle manufacturers with
products including braking, wipers and a range of chassis components. The
company's aftermarket brands include ANCO® wipers; Beck/Arnley® premium OE
quality parts and fluids; BERU®* ignition systems; Champion® lighting, spark
plugs, wipers and filters; Interfil® filters; AE®, Fel-Pro®, FP Diesel®,
Goetze®, Glyco®, Nüral®, Payen® and Sealed Power® engine products; MOOG®
chassis components; and Ferodo®, Jurid® and Wagner® brake products and
Powertrain designs and manufactures original equipment powertrain components
and systems protection products for automotive, heavy-duty, industrial and
founded in Detroit in 1899 and maintains its worldwide headquarters in
Southfield, Michigan. The company employs nearly 50,000 in 34 countries. For
more information, please visit www.FMMotorparts.com.
*BERU is a registered trademark of
BorgWarner Ludwigsburg GmbH.
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