Federal-Mogul names Icahn non-executive board chairman

Southfield, Michigan -- Federal-Mogul Corp. has announced the election of Carl Icahn as its non-executive chairman of the board.

“We have very positive relations with Carl Icahn and we welcome him as non-executive chairman,” said Federal-Mogul president and CEO José Maria Alapont.

The automotive parts supplier exited bankruptcy protection on 28 Dec, more than six years after a series of lawsuits resulting from auto parts containing asbestos sent the firm into Chapter 11.

Icahn, an American billionaire, financier and private equity investor with a reputation as a corporate raider, paid about $775 million (Euro 530.2 milliion) for Federal-Mogul's unsecured debt.

As of 2007, Forbes magazine tabbed him the 18th richest man in America with a net worth of about $14500 million.

“I am very pleased that a financially strong Federal-Mogul has finally emerged from the bankruptcy process,” Icahn said. “Additionally and most importantly, Federal-Mogul will no longer be hampered by asbestos litigation. I wish to thank and congratulate all those who have worked with me throughout the last six years to accomplish this.”

Federal-Mogul was founded in Detroit in 1899 and is a global supplier of parts for consumer, light commercial, heavy-duty, agricultural, marine, rail, off-the-road and industrial vehicles.

From Tire Business (A Crain publication)

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