Auto parts supplier Federal-Mogul Corp
Shares of the company, which makes pistons, spark plugs, windshield wiper blades, brake pads and other auto components, were up 2.8 percent in early trading.
Federal-Mogul said Rainer Jueckstock, who is currently the senior vice president of its Powertrain Energy business unit, has been promoted to be the new CEO, effective April 1. The 52-year-old executive also will join the company's board.
The company, majority-owned by billionaire investor Carl Icahn, said Alapont, 61, would remain with it in a consulting role to assist with the transition. Alapont also will remain on the board through the 2013 annual meeting.
I want to sincerely thank Jose Maria ... for remaining with the company longer than he had originally committed, Icahn, Federal-Mogul's nonexecutive chairman, said in a statement.
Federal-Mogul officials added that Alapont chose to take voluntary retirement.
The Southfield, Michigan-based company also said it is modifying its corporate structure to create a separate and independent aftermarket, or replacement parts, division. Federal-Mogul said it has hired a search firm to find the new unit's CEO, who will report directly to the board.
Federal-Mogul's aftermarket business unit had global sales last year of $2.3 billion.
Shares of the company rose 48 cents to $17.49 in morning trading on Nasdaq.
(Reporting by Megha Mandavia in Bangalore and Ben Klayman in Detroit; Editing by Gopakumar Warrier, Dave Zimmerman)