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Federal-Mogul names CEO

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Federal-Mogul Corp. recently appointed Charles "Chip" McClure CEO. He will retain his responsibilities as president as well.

McClure, 49, was formerly COO in addition to president. The move is consistent with the succession plan announced Jan. 11, 2001, when McClure and Chairman Frank Macher joined the company.

"Together, we have significantly improved business results, strengthened customer relations and developed a strategic plan to competitively move this company forward," says Macher, who gave up his CEO title. "I welcome the opportunity as chairman to help guide this company toward a resolution of our asbestos issues.

"I look forward to the day we emerge as one of the pre-eminent automotive suppliers with a strong balance sheet ready to capitalize on our innovative products and technologies for future growth."

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