Snell resigns; Federal-Mogul elects interim chief

SOUTHFIELD, Mich. (Sept. 19)—Richard A. Snell resigned today as chairman, CEO and president of Federal-Mogul Corp. "by mutual agreement." The seals maker elected Robert S. Miller Jr., an outside director since 1993, as an interim replacement for Snell. Federal-Mogul said it expects to report lower than anticipated earnings Oct. 19 for the third quarter ended Sept. 30 because of continued weakening of European currencies and the North American aftermarket, significant softening of the heavy-duty market and failure to fully achieve planned efficiencies. Fourth-quarter earnings should modestly improve from third-quarter levels, however. In the short term, the seal maker will focus on lean manufacturing, supply chain management and further consolidation of its global operations to cut its expenses and capital projects, Miller said.