Patrick James, founder of First Brands, is stepping down as CEO

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Patrick James, the low-profile founder of First Brands Group, has resigned as CEO of the bankrupt auto parts maker.

Charles Moore, an executive from transformation consulting firm Alvarez & Marsal, has agreed to replace James as “interim CEO,” First Brands said in a statement Monday.

Moore, who was already overseeing First Brands’ messy bankruptcy as chief restructuring officer, said the sprawling group had a “strong foundation of globally recognized brands and a resilient position in the after-market automotive industry.”

A spokesman for James said he “always prioritizes the interests of the company above his own personal interests, and remains deeply committed to the success of the business and maximizing value for the benefit of its customers, suppliers, employees and lenders.”

While James initially agreed to stay on as CEO during the bankruptcy, the Financial Times reported last week that pressure was mounting on the 61-year-old mogul to step down, given the multibillion-dollar losses faced by the group’s lenders and investigations into its use of off-balance sheet financing.

The First Brands founder is considering “stepping back from his role,” his spokesman told the Financial Times last week.

This is a developing story