First Brands Group’s chief executive may step down from the bankrupt car parts maker as lenders push for his removal in the face of mounting losses on billions of dollars in debt, according to people familiar with the matter.
A spokesperson for Patrick James said the First Brands founder was considering “relinquishing his role” atop the embattled group in response to questions from the Financial Times.
“Patrick James has always put the interests of First Brands Group ahead of his own and is evaluating his best path forward to help maximise value for its customers, suppliers, employees and lenders,” the spokesperson said.
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