Patrick James, founder and chief executive officer of US-based auto parts supplier First Brands, resigned on Monday, weeks after the company filed for bankruptcy protection amid an alleged accounting scandal that left lenders chasing more than $2 billion in missing funds, according to AP.

The Cleveland-headquartered firm, which owns industry names such as Fram filters, Autolite spark plugs and Anco wiper blades, named Charles Moore as interim CEO. Moore, who joined last month as chief restructuring officer, has been leading efforts to stabilise operations and prepare the company for a potential sale. “Our immediate priority is to ensure stability and dependability for our employees, customers, and partners,” Moore said in a statement, adding that the company had begun investigating the “p

See Full Page