Alapont's departure comes on the same day that parent group Fiat revealed that it had failed to strike a deal with GM regarding the put option that would force GM to take ownership of Fiat's ailing car business, Fiat Auto.

"I look forward to leading Federal-Mogul," Alapont said in a statement. The opportunities that lie ahead for Federal-Mogul are exciting." Alapont's hiring was authorized by the court presiding over Federal-Mogul's Chapter 11 status, which has been in force since 2001, as a result of hundreds of millions of dollars in asbestos-related insurance claims.

In the light of the failed mediation attempts between Fiat and GM in pursuance of a resolution to the put option saga, the apointment of Monferino to Iveco is an interesting one, not least because of his previous merger experience:

"Paolo Monferino has led the successful integration of the Case and New Holland agricultural and construction businesses while extensively renewing the company's product lines and restoring profitability," said Katherine M. Hudson, Chairman of the Board, CNH. Given that the future direction of the Fiat group is now open to discussion, the appointment of an experienced merger manager to the Iveco job may yet prove to be not without significance.

Iveco

Federal-Mogul