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Federal-Mogul names new co-CEO

SOUTHFIELD, Mich. (AP) -- Federal-Mogul Corp. said Wednesday that Kevin Freeland has been named as co-CEO of the auto parts maker and as CEO of its vehicle components segment.

Freeland, 56, worked most recently as chief operating officer of Advance Auto Parts Inc.

Freeland will replace Michael Broderick in both positions. Federal-Mogul declined to say why Broderick is leaving the company.

The Southfield, Mich.-based company said the appointments will take effect on June 17.

Federal Mogul created a dual CEO structure last year. Freeland will work with Rainer Jeckstock as joint chief executives.

Federal-Mogul provides products to those that service vehicles and equipment in the automotive, commercial, marine, rail, aerospace, power generation and industrial markets. The company said that its vehicle components segment is one of the largest independent suppliers of automotive parts to the aftermarket. Its products include ANCO wiper blades, Champion spark plugs and MOOG chassis parts.

The company's shares fell 17 cents to $10.18 in afternoon trading Wednesday.