Federal-Mogul names new CFO
DETROIT -- Federal-Mogul Corp., the diversified parts supplier controlled by longtime Wall Street investor Carl Icahn, said it hired veteran finance executive Rajesh Shah to senior vice president and CFO.
Shah, 62, replaces Alan Haughie, who resigned from the position in August. Haughie later became CFO of Memphis-based The ServiceMaster Co.
Shah will report directly to the supplier's co-CEOs, Rainer Jueckstock and Kevin Freeland, the company said in a statement today.
He previously was executive vice president and CFO for Grand Rapids-based color matching product company X-Rite Inc. Prior, he held several finance positions with Cadence Innovation LLC, Remy International LLC, Collins & Aikman, UT Automotive, Varity Corp. and Kelsey Hayes Group.
Shah earned a bachelor’s degree from Bombay University in India and a master’s from Bowling Green University in Ohio.
Federal-Mogul, which supplies fuel economy and emissions technologies to manufacturers and the aftermarket, swung to a profit in the third quarter that ended Sept. 30 a result of cost cuts and increased demand.
It reported net income of $38 million for its third quarter, compared with an $11 million loss over the same period in 2012. Revenue rose 9 percent to $1.7 billion.
Federal-Mogul's cost-cutting strategy included the closure or downsizing of seven plants and a divestiture. In June, the company sold its connecting rod and camshaft business to Addison, Ill.-based JD Norman Industries Inc.
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