Patrick James, the founder and former chief executive officer of auto supplier First Brands Group, has resigned following the company’s recent bankruptcy filing. The resignation comes shortly after First Brands declared bankruptcy, owing over $US10 billion to major Wall Street creditors. James’ departure leaves Charles Moore, a restructuring expert brought in last month, to manage the complex financial fallout. First Brands Group is an automotive parts conglomerate that grew through debt-fuelled acquisitions.
James, via a spokesperson, stated his continued commitment to the success of the business and its stakeholders. Moore issued a separate statement emphasising the immediate need to ensure stability and dependability for the company’s customers and partners.
Since First Brands’ bankruptcy filing, attention has focused on James, who has maintained a low profile despite building the company into a significant industry player. Moore, a veteran in corporate turnarounds with experience in restructuring auto suppliers and the city of Detroit, has openly acknowledged the challenges facing First Brands. He faces the challenge of stabilising the company’s finances and operations amid significant debt and market uncertainty.
