Delphi Granted More Time
Delphi Corp. has been given more time to work on its reorganization plan. According to a recent Reuters report, the U.S. Bankruptcy Court has extended Delphi’s right to file a reorganization plan without outside interference through August, giving it time to work out alternate financing. Several weeks ago an investor group led by Appaloosa Management
Remy Moves its HQ and U.S. Technical Center to Pendleton, Ind.
Remy International has relocated its global headquarters and U.S. Technical Center to Pendleton, Ind. Pendleton is located 35 miles northeast of Indianapolis, just a few miles from Remy’s previous headquarters in Anderson, Ind. Remy had been at its previous location since the company spun off from General Motors in 1994. According to CEO John Weber, the relocation is an opportunity for reduced operating costs and increased productivity and provides a new showcase for the growing company.
Centric Parts Names New VP Sales Special Markets
CITY OF INDUSTRY, Calif. — Centric Parts has appointed Jamie Fiffles to the newly created position of vice president sales special markets. In this role, Fiffles will be responsible for expanding market share by focusing on national installer chains, major buying groups, OES, co-manufacturers, fleets, private label and retail. Fiffles has extensive experience in the
CARSTAR Pledges $25,000 in Support of AMI
CARSTAR has joined the Automotive Management Institute’s (AMI’s) resource development and industry partnership, EXCEL, with a Charter Guarantor commitment of $25,000. The financial commitment will be combined with other leadership contributions to continue AMI’s mission of providing and promoting practical business management education tailored to the automotive service and collision repair industry.
New Name, New Org, New Team for Bandag
Bridgestone Bandag Tire Solutions (BBTS) is the new name for Bridgestone/Firestone North America Tire’s (BFNAT) reconfiguration of its medium truck tire business, which sees the formal melding of that group with Bandag. Bridgestone Corp. bought Bandag, closing the $1 billion deal last June, when the company was renamed Bridgestone Bandag Inc.
Federal-Mogul Lists Class A Common Stock on NASDAQ
Federal-Mogul Corp. Class A Common Stock is now listed on the NASDAQ Global Market and began trading today under the ticker symbol "FDML." President and Chief Executive Officer Jose Maria Alapont and a representative group of employees commemorated the listing today at the NASDAQ MarketSite bell ringing ceremony in New York.
Mike Peace Named National Sales Manager for Timken’s Automotive Aftermarket
Timken has appointed Mike Peace national sales manager for the Automotive Aftermarket (AAM), effective immediately. Peace will report to Tom Tecklenburg, director, Global Automotive Aftermarket. Most recently, Peace served as zone manager for Timken’s AAM Group. His successor as zone manager is expected to be named in the near future.
Pep Boys President and CEO Jeff Rachor Resigns; Mike Odell Named Interim CEO, Ray Arthur Named CFO
Pep Boys has named Mike Odell, Pep Boys’ chief operating officer, as interim chief executive officer, effective immediately. The move was made after Jeff Rachor resigned to become a principal in an automotive dealership venture. Pep Boys also named Ray Arthur executive vice president – chief financial officer. Arthur is scheduled to begin on April 28. Rachor thanked the board and all of the associates for the privilege of working with them in developing and launching the company’s long-term strategic plan. “I know that Pep Boys is in extremely capable hands with Mike,” Jeff Rachor said. Rachor joined Pep Boys from Sonic Automotive in March 2007.
Kevin Tobin Named Senior VP and GM, Financial Services for Advance
Advance Auto Parts has announced that Kevin Tobin will join the company as senior vice president and general manager, financial services, effective April 28. Tobin will be responsible for building market competitive, differentiated and innovative financial services products and services designed to build deeper relationships with Advance customers, based on their needs. Tobin will report to Mike Norona, executive vice president and chief financial officer.
California Senate Passes Aftermarket Parts Bill
The California “Aftermarket Parts” bill (S.B. 1059) was passed last week by the California Senate Judiciary Committee. The legislation, as introduced, would have made it an unfair claims practice for an insurance company to require the installation of any aftermarket part on a vehicle when it is under a factory warranty, considering such a practice to be an unfair method of competition and a deceptive act in the insurance business. However, the committee voted during the hearing to amend the bill such that: "At the time of sale, the insurer shall specifically notify the insured whether the insurance contract allows for the use of aftermarket parts, and that such use may affect the insured’s vehicle manufacturer’s warranty. The required use of aftermarket parts must also be clearly and conspicuously disclosed in bold type in the front declaration page of the policy."