Dana Chairman & CEO Joe Magliochetti Passes Away
Sep 23, 2003
Board Names Acting Chairman, Acting President TOLEDO, Ohio, Sept. 23 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) announced today that Joe Magliochetti, the company's Chairman and Chief Executive Officer, passed away Monday evening. The cause was complications from pancreatitis, for which he had been hospitalized the past two weeks. (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) This morning the company's Board of Directors named Glen Hiner, one of Dana's longest serving directors, acting chairman. Mr. Hiner will continue as chairman of the Board's Committee of Independent Directors. The Board also named Bill Carroll acting president. Mr. Carroll, president of Dana's Automotive Systems Group and a 34-year veteran of the company, will also continue in his previously announced role as acting chief operating officer. "Joe Magliochetti was a wonderful man, not only respected but also beloved by his friends and colleagues," said Mr. Hiner. "All of us at Dana are profoundly saddened by his loss, and our thoughts and prayers are with Joe's family. "Joe served with great distinction for more than three decades and was an outstanding leader. He built a culture of integrity and a strong organizational structure. He leaves behind an accomplished management team, which continues to have the full support of the Board of Directors as it pursues the strategic course Joe forged," Mr. Hiner said. Added Mr. Carroll, "I had the honor of working with Joe for more than 30 years. He was a remarkable person, a true leader, and a great friend. He will be sorely missed." Mr. Magliochetti began his Dana career as a management trainee in 1966 and served the company for 37 years, culminating in his election as Dana's sixth chairman in 2000. During the early 1980s, he served as president of Dana Europe, with responsibility for all operations in Europe and the Middle East. In 1985, he returned to the United States as group vice president of North American Operations. He was promoted to president of Dana Corporation in 1996, and was elected to the company's Board of Directors later that year. In 1997, he was elected Chief Operating Officer. Mr. Magliochetti was named President and Chief Executive Officer in 1999, and chairman in 2000. Along with his service to Dana, Mr. Magliochetti played a leadership role in many business and civic initiatives -- both locally and nationally. He served on the board of directors of BellSouth and CIGNA Corporation. He was also a member of the U.S. Business Roundtable and its Policy Committee, and a member and former chairman of the Motor and Equipment Manufacturers Association (MEMA) board of directors. He served on the board of the National Association of Manufacturers (NAM) and was a member of the U.S.-Japan Business Council and the MEMA/JAMA Liaison Committee to cultivate automotive trade relations with Japan. In 2002, Mr. Magliochetti was awarded the Automotive Hall of Fame Distinguished Service Citation in honor of his contributions to the motor vehicle industry, as well as the MEMA Triangle Award, which recognized his leadership and advocacy on behalf of the automotive industry. Locally, Mr. Magliochetti was actively involved in numerous community organizations, including the United Way of Greater Toledo, for which he served as the 2002 Toledo-Area Campaign Chairman. He also served as chairman of the Toledo Symphony board and was a member of the board of directors of the Toledo Museum of Art and Center of Science and Industry (COSI). Mr. Magliochetti is survived by his wife, Kathy; three children; and one grandchild. Dana Corporation is a global leader in the design, engineering, and manufacture of value-added products and systems for automotive, commercial and off-highway vehicle manufacturers and their related aftermarkets. The Company employs approximately 60,000 people worldwide. Founded in 1904 and based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing, and customer service facilities in 30 countries. The company reported 2002 sales of $9.5 billion.
SOURCE Dana Corporation
Web Site: http://www.dana.com
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