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Article: When audacious becomes disastrous ; How the merger game felled a CEO and nearly killed Federal-Mogul.(Richard Snell, Federal-Mogul Corp.)
- Article from:
- Crain's Detroit Business
- Article date:
- February 5, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The St. Regis Hotel's crystal chandeliers, Louis XVI-style furniture and $5,000-a-night rooms make a posh setting for Wall Street's high-powered money managers. So it was fitting that Richard Snell, one of the industry's boldest deal-makers, invited 100 financial analysts to this luxurious New York City hotel in the summer of 1999. Snell, president of Federal-Mogul Corp. (NYSE: FMO), wanted to update the analysts on his Big Hairy Audacious Goal. That was Snell's phrase for his plan to expand his company, a Southfield-based maker of engine bearings and seals, into a $10 billion-a-year auto supplier. After a string of costly acquisitions, the 60-year-old executive was ...