Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Instagram Outage Disrupts Thousands of U.S. Users 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
SOUTHFIELD, Mich., Feb. 16, 2017 -- 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 Federal-Mogul Powertrain.
Norton has 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.
Forward-Looking Statements
Statements contained 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.
About Federal-Mogul
Federal-Mogul 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.
Federal-Mogul operates two independent business divisions, each with a chief executive officer reporting to Federal-Mogul's Board of Directors.
Federal-Mogul 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 lighting.
Federal-Mogul Powertrain designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial and transport applications.
Federal-Mogul was 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.
CONTACTS Investor Relations: Jim Zabriskie Tel: 1.248.354.8673 Email: [email protected] Media Relations: Susan Fisher Tel: 1.248.354.0926 Email: [email protected]
