SOUTHFIELD, Mich. – The board of directors of Federal-Mogul Corp. today announced the appointment of Daniel Ninivaggi as co-CEO of the company and CEO of its Vehicle Component Solutions (VCS) group. He is replacing Kevin Freeland, who is leaving the company for personal reasons.
Ninivaggi previously served as president and CEO of Icahn Enterprises L.P., the company’s majority shareholder, where he continues to serve as a director of its general partner. Prior to joining Icahn Enterprises, Ninivaggi served in a variety of executive positions at Lear Corp., a leading Tier I automotive supplier, most recently as executive vice president and chief administrative officer. Ninivaggi will report to the company’s board of directors and will remain a member of the board on which he has served since 2010.
"I am delighted to have Dan serve as the CEO of the VCS group and believe he will be able to utilize his significant automotive industry experience to drive synergies and profitable growth within this segment of the business," said Carl Icahn, chairman of the board of Federal-Mogul. "The board of Federal-Mogul has a strong focus in this segment, as noted by the recent transactions with Honeywell and Affinia; and Dan was a strong supporter of each of these opportunities."
"I have had the pleasure of working with Dan for years in his capacity as a director of Federal-Mogul and welcome him as co-CEO and CEO of the VCS segment," added Rainer Jueckstock, Federal-Mogul Co-CEO and CEO of the company’s Powertrain segment. "Dan’s knowledge of the company, its management team, mergers and acquisitions and the automotive sector in general will be invaluable in facilitating a solid working relationship between the Powertrain and VCS segments, and I look forward to having him join our management team."
Ninivaggi commented, "Federal-Mogul has a 100-year-old legacy as one of the largest independent global suppliers of leading, premium-branded automotive parts to the automotive aftermarket. It is a great American company that currently operates in more than 30 countries. With the support of a talented management team, I am excited to build upon the company’s existing strengths and position Federal-Mogul’s products as the preferred choice of customers globally. I also look forward to working with Rainer Jueckstock, our co-CEO and the CEO of Federal Mogul’s Powertrain group, to build a great company and deliver value to our customers and shareholders."
