First Brands CEO James resigns amid bankruptcy process; turnaround expert in charge

(Reuters) -First Brands said on Monday founder Patrick James had stepped down as CEO and will be succeeded by Chief Restructuring Officer Charles Moore on an interim basis, as the auto parts maker advances its Chapter 11 bankruptcy process. The Ohio-based company, which makes filters, brakes and lighting systems, filed for bankruptcy protection in late September, disclosing liabilities of about $11.6 billion. On Friday, a spokesperson for James said that he was considering leaving his position as CEO. His brother, Edward, stepped down from his senior position in the company, the Financial Times reported. Moore, who has served as the distressed auto parts company's chief restructuring officer since September, will oversee stabilization initiatives and facilitate a court-supervised sale process. He brings more than 30 years of leadership experience in restructuring and performance improvement across the automotive supply chain, the company said. First Brands racked up most of its long-term debt by acquiring other parts suppliers and auto repair services over the past 15 years. (Reporting by Aishwarya Jain in Bengaluru; Editing by Sahal Muhammed and Sriraj Kalluvila)

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