Dana Board Honored Among Five Best in United States by Chief Executive Magazine
Oct 14, 1998
TOLEDO, Ohio, Oct. 14 /PRNewswire/ -- The Board of Directors of Dana Corporation (NYSE: DCN) has been honored as one of the five best in the United States by Chief Executive magazine. "By our standards, the Dana Corp. does just about everything right in the way of corporate governance," the magazine said in its October issue. Boards in the study were measured on a broad list of criteria, including size, outsider/insider ratio, lack of potential conflicts of interest and narrow special interest groups, demographic balance, stock ownership by directors, and committee structure. "We are very proud of this honor - and our Board," said Dana Chairman and Chief Executive Officer Southwood J. Morcott. "To be mentioned alongside the Boards of companies such as Pfizer, Monsanto, Praxair, and Summit Bancorp is a significant accomplishment." The magazine also noted that Dana has been a solid investment through the years. "A $100 investment made in 1992 would have a value of $234 at the end of 1997," the magazine said. "We believe that having a strong, experienced, involved Board during this time was a contributing factor." Along with Morcott, members of Dana's Board of Directors are Benjamin F. Bailar, 63, dean and professor of administration emeritus of the Jesse H. Jones Graduate School of Administration at Rice University, Houston; A. Charles Baillie, 58, chairman and CEO of Toronto Dominion Bank; Edmund M. Carpenter, 56, senior managing director, Clayton, Dubilier & Rice; Eric Clark, 63, former chairman, BICC Cables; Glen H. Hiner, 63, chairman and CEO, Owens Corning; Joseph M. Magliochetti, 55, president and chief operating officer of Dana; Marilyn R. Marks, 45, chairman and CEO, Dorsey Trailers, Inc.; Richard B. Priory, chairman and CEO, Duke Energy Corp.; John D. Stevenson, 68, counsel to Smith, Lyons, Torrance, Stevenson & Mayer; and Theodore B. Sumner, Jr., 69, former chairman, First Union National Bank of Charlotte, N.C. 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.