Southfield, Mich.-based Federal-Mogul (NASDAQ:FDML) already has one chief executive officer, but as the Russians like to say, "Too much is better than not enough" -- so today, the company hired another.
On Wednesday, Federal-Mogul announced that it has hired away Advance Auto Parts Chief Operating Officer Kevin P. Freeland to become its new co-CEO. Freeland joins current co-CEO Rainer Jueckstock at the head of FM. Going forward, Freeland will focus on the business' vehicle components segment and will be the sole CEO of that division. Jueckstock remains sole CEO of the company's powertrain segment.
Compensation terms were not disclosed.
Welcoming his new partner on board, Jueckstock expressed hope that Freeland will "continue to strengthen Federal-Mogul's position as a preferred supplier to the global independent aftermarket." Company Chairman Carl Icahn (yes, that Carl Icahn) echoed the sentiment.
With $6.6 billion in annual revenues, Federal-Mogul is one of the world's largest suppliers of automotive powertrain and safety products, and a leading seller into the automotive aftermarket. Its brands include Anco wiper blades, Champion spark plugs, Moog chassis parts, and Wagner brake products.