First Brands’ CEO resigns; accounting questioned

The embattled chief executive of First Brands, an American auto-parts maker that filed for bankruptcy last month amid an uproar over its lending and accounting, resigned on Monday.

- RYAN MAC

The bankruptcy of auto-parts maker First Brands has rocked Wall Street and revealed trouble in the private credit markets.

(REUTERS)

Patrick James, a Malaysian-born businessman who founded First Brands more than a decade ago in Ohio, stepped down as the company said it would focus on “stabilising” its global operations while undergoing bankruptcy proceedings. First Brands named Charles Moore, as its interim chief executive. Since September, Mr Moore has been the company’s “chief restructuring officer,’ and has been involved in reorganising the troubled enterprise.