TROY, MI — Federal-Mogul President and CEO Charles “Chip” McClure has left the company to become the new chairman, CEO and president of Troy, Mich.-based ArvinMeritor. McClure has served as president of Federal-Mogul since 2001 and as CEO since 2003.
Robert (Steve) Miller, Jr., a non-executive chairman of Federal-Mogul’s board of directors, has been appointed interim CEO of the company. A member of Federal-Mogul’s board since 1993, Miller twice previously served in a transitional role as CEO of Federal-Mogul in 1996, and again in 2000.
McClure’s hiring is the culmination of an extensive search conducted by ArvinMeritor’s succession committee of the board. McClure will step into his new post on Aug. 9, succeeding Larry Yost, who plans to retire.
James Perrella, chairman of the succession committee, thanked Yost for his leadership.
“During his tenure he has developed and implemented best-in-class processes, successfully launched the Meritor spinoff from Rockwell International Corp. in 1997 and led the successful ArvinMeritor merger in 2000,” Perrella noted. “Under Yost’s leadership, the company has grown from $3.1 billion in revenues in 1994 to today’s more than $8 billion. We wish him well in his retirement.”
Most recently, McClure helped lead Federal-Mogul’s $5.5 billion global business in significantly improving its business results, strengthening its customer relations and developing a strategic plan to make the company more competitive. He also was instrumental in creating an aggressive plan to resolve issues related to the company’s reorganization and planned emergence from Chapter 11.
He has more than 25 years of experience in the automotive industry in a variety of leadership roles. He joined Federal-Mogul in January 2001 as a member of the board, president and COO. McClure became CEO in July 2003. Prior to that he served as president, CEO and board member of Detroit Diesel Corp. He also held a number of management positions at Johnson Controls.
He is active on the board of directors of R. L. Polk and Co., Intermet Corp., Detroit Renaissance, the Motor and Equipment Manufacturers Association (MEMA) and Horizons Upward Bound.
For more information about ArvinMeritor, go to: www.arvinmeritor.com.
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