Richard Snell, CEO of Federal-Mogul Corp., has resigned in the face of the company again falling short of Wall Street expectations for its financial performance. Board member Robert S. Miller Jr. has been named as Snell's interim replacement.
Snell departed on the heels of Federal-Mogul predicting its third-quarter results will be roughly break-even and its fourth-quarter numbers will be only slightly above break-even. As a result of that forecast, the parts maker's stock price fell by 14% to $8 in New York Stock Exchange composite trading. The shares had traded as high as $71.80 back in July 1998.
Federal-Mogul said the dim outlook is due mainly to significant softening in the heavy-duty truck market, weakness in the vehicle-parts aftermarket, and failure to cut its costs as much as anticipated by investors.
now offers Eaton Fuller 10- and 18-speed AutoShift transmissions with Generation II controls on T600, T800, W900, C500, and T2000 truck models. The 10-speed gearbox is offered as well in KW CityCab and WorkCab models. The OEM is also making available Watson-Chalin Atlas lift axles. Atlas suspension/axle packages allow ratings as high as 25,000 lb. depending on tire, wheel, and hub selection.
Alcoa Wheel Products now has a 19.5x6 forged-aluminum, hub-piloted wheel designed to fit450/550 truck models. The wheel, which has an 8-on-25-mm bolt pattern, carries a maximum load rating of 3,750 lb. and boasts classic round hand holes.
The Commercial Vehicle Safety Alliance has expanded its inspection-familiarization seminar schedule for the rest of the year. Sessions remaining are December 4 in Los Lunas, N.M., and December 7 in Phoenix. Registration costs $199.