Macher and McClure Will Continue to Work Together to Return Federal-Mogul to Health Indefinitely, says Company

Federal-Mogul Corporation has announced that it has indefinitely extended the transition period for its two highest ranking officers.
To ensure continuity of leadership during the company’s current restructuring, Federal-Mogul Corporation has announced that chairman and chief executive officer Frank Macher and president and chief operating officer Chip McClure would remain in their current roles for the foreseeable future — extending the transition period before McClure succeeds Macher as CEO and president.
“Chip McClure and I have agreed to maintain our current roles as we work with the various bankruptcy committee members to develop our Plan of Reorganization. Continuity is critical as we move forward in our ongoing negotiations,” Macher said.
“Our first priority is to emerge from Chapter 11 in a timely and orderly fashion,” said McClure. “It is in the best interest of all our stakeholders that we remain in our positions for a longer period of time to allow our progress to continue.”
Macher and McClure joined Federal-Mogul on January 11, 2001 — Macher as chief executive officer and McClure as president and chief operating officer.
Macher was appointed to the additional position of chairman of the board of directors on October 1, 2001, the same day the company voluntarily filed for financial restructuring under Chapter 11 of the U.S. Bankruptcy Code, a move to limit asbestos related liabilities inherited through acquisitions which have crippled the company’s financial position.
At the time Macher and McClure joined Federal-Mogul, the company announced a leadership succession plan where McClure would succeed Macher as chief executive officer and president in July 2002.