Toronto Dominion Bank Chairman A. Charles Baillie Elected to Dana Corporation Board of Directors

    TOLEDO, Ohio, July 20 /PRNewswire/ -- A. Charles Baillie, chairman and
chief executive officer of Toronto Dominion Bank, was elected today to the
Dana Corporation Board of Directors.
    Since joining the bank in 1964, Baillie has served in various key
management positions, including senior vice president of the U.S. division,
vice chairman of the corporate and investment banking group, president, CEO,
and chairman.  He holds a bachelor's degree from the University of Toronto and
a master's degree in business administration from Harvard University.  Along
with serving as a director of TD Bank, Baillie is a member of the board of
Cadillac Fairview Corporation.
    TD Bank is a full-service bank with more than 30,000 employees and over
900 branches.  The fourth-largest Canadian bank in terms of market
capitalization, TD Bank has more than $125 billion (U.S.) in assets.
    On April 17, 1998, TD Bank announced a merger with Canadian Imperial Bank
of Commerce.  Once approved, the newly merged bank will have approximately
$310 billion (U.S.) in assets, nearly 75,000 full-time-equivalent employees,
and more than 10 million customers.  It will be Canada's second-largest bank
and one of the ten largest financial institutions in North America in terms of
market capitalization.  Baillie will serve as president and chief executive
officer of the new bank.
    Dana Chairman Southwood J. Morcott said, "We are excited about the broad
financial background Charlie Baillie brings to our board.  For more than three
decades, he has been instrumental in the growth of Toronto Dominion Bank.  Now
-- while he guides TD Bank through a merger that will make it one of two
megabanks in Canada -- he gains experience that will be extremely beneficial
to Dana as we further develop our acquisition and aggressive restructuring
strategy."
    Baillie joins the board at a time when two long-serving members are
approaching retirement.  Directors John Stevenson and Ted Sumner will serve
until the annual shareholders' meeting in April 1999, when they reach the
mandatory retirement age for Dana board members.
    Stevenson, counsel to the Toronto legal firm of Smith, Lyons, Torrence,
Stevenson & Mayer, has been involved in Dana governance for more than 30 years
and has served as a member of the board of directors since 1993.  He also
serves as a director of CT Financial Services Inc.; Canada Trustco Mortgage
Company; The Canada Trust Company; Holt, Renfrew, & Co., Limited; George
Weston Limited; and Wittington Investments Limited.
    Sumner is the former chairman of Madison Financial Group, a financial
consulting group, and First Union National Bank, both of Charlotte, N.C.  He
has served as a director since 1984.
    Morcott said, "For years, Dana has benefited from the insight of a banker
on the board of directors.  As Mr. Sumner nears retirement, we are pleased
that a financier of Mr. Baillie's caliber has agreed to join Dana.
    "Likewise, the board has always valued the insight of non-U.S. residents
as we pursue our global initiatives.  Mr. Baillie, a Canadian, also helps to
balance the international composition of our board, which becomes increasingly
important -- especially as we continue to grow our strong presence in Canada."
    Along with Stevenson and Baillie, Dana's 11-member board includes one
other non-U.S. resident, Eric Clark.  Clark is a past director of BICC plc, a
U.K., company serving the international market for infrastructure development.
He served as chairman of BICC Cables Limited from 1986 to 1996.  Clark also
served as chief executive of Plessey Telecommunications Limited from 1979-
1985.  He is also a director of Merseyside Development Corporation and United
Utilities plc.
    One of the world's largest independent suppliers to vehicular, off-
highway, and industrial manufacturers and their related aftermarkets, Dana
Corporation produces components used on more than 95 percent of the world's
650 million motor vehicles.  Founded in 1904 and based in Toledo, Ohio, the
company operates 270 major facilities in 33 countries and employs more than
79,000 people.  The company had pro forma sales of $11.9 billion in 1997.
Dana's Internet address is http://www.dana.com.

SOURCE Dana Corporation

Web Site: http://www.dana.com

Company News On Call: Company News On-Call:
http://www.prnewswire.com or fax, 800-758-5804, ext. 226839