First Brands Group, the parent company of hitch and towing brands Bulldog, Draw-Tite, Fulton, Reese and Tekonsha, as well as Hopkins Manufacturing, has a new CEO. Founder and former CEO Patrick James resigned from the company, which filed for bankruptcy two weeks ago.
The company said it has secured over $1 billion in financing to provide the necessary capital to maintain operations, fulfill orders and meet its commitments to vendors and partners.
Charles Moore, who was hired as the company’s chief restructuring officer in September, was named interim CEO after James’ resignation. Moore has over 30 years of experience in restructuring and performance improvement.
“First Brands has a strong foundation of globally recognized brands and a resilient position in the aftermarket automotive industry,” Moore said. “Our immediate priority is to ensure stability and dependability for our employees, customers and partners.”
The company said Moore will work closely with First Brands’ management team and advisors to oversee stabilization initiatives. Moore will also help facilitate a court-supervised sale process.
No other executive leaders have left the company. First Brands Group’s Special Committee of the Board of Directors is investigating the company’s potential use of off-balance sheet financing arrangements before filing for bankruptcy.
“We remain laser-focused on operational execution while we…facilitate a sale process designed to deliver the best possible outcome for our stakeholders,” Moore said. “We intend to move through this process efficiently, and I look forward to working alongside the First Brands team in this next phase.”
