Dana Chairman Named Automotive Industry Leader of the Year
Oct 20, 1998
TOLEDO, Ohio, Oct. 20 /PRNewswire/ -- Dana Corporation (NYSE: DCN) Chairman and Chief Executive Officer Southwood J. Morcott has been named the 1998 Automotive Industry Leader of the Year by the Automotive Hall of Fame. The Automotive Industry Leader of the Year Award is presented to the industry executive who has, in the past year, best exemplified the "image, foresight, leadership, ingenuity, and purpose contributing most to the advancement of the automotive industry." Woody Morcott has served as chief executive officer of Dana since 1989 and chairman since 1990. During his tenure, he has guided Dana through the worst recession since World War II while keeping the company profitable and maintaining the dividend. Under his leadership, Dana has more than doubled in size from a company with less than $5 billion in sales to a $12-billion company today. The company has reported record sales each year since 1993 and record profits every year since 1992. In the 1990s, the company has had a compound annual growth rate of 12.3 percent. Since Morcott was named chairman, the company has completed more than 40 acquisitions and joint ventures. Most recently, Dana acquired the former Echlin Inc. in what is the largest acquisition in the history of the automotive supply industry. Other recent acquisitions include the heavy axle and brake division of Eaton Corporation; Clark-Hurth Components, a division of Ingersoll-Rand; and the Sealed Power Division of SPX Corporation. Morcott also has led the company through a strategic restructuring in which it focused on core businesses, selling 10 non-core or non-profitable businesses since the beginning of 1997. Morcott's strategic direction has moved Dana from a components supplier to a systems supplier to a supplier of integrated systems, the most dramatic example of which is the Rolling Chassis(TM) vehicle component module, manufactured for Chrysler Corporation in Brazil. Morcott's service on behalf of the automotive industry extends beyond his work at Dana. He was a founding member and first co-chairman of the Automotive-Supplier Government Action Council, where he worked with other industry leaders on important issues such as the passage of NAFTA and the opposition to higher CAFE standards. He has also worked on behalf of the industry as chairman of the board of trustees of the Manufacturers Alliance and as a member of the U.S.-Japan Business Council, and the Policy Committee of the U.S. Business Roundtable. This recognition comes on the heels of a number of other awards Dana has received in recent months. In July, Dana was named one of the world's 100 best-managed companies by IndustryWeek magazine. Last week, IndustryWeek named the company's Structural Products facility in Hopkinsville, Ky., one of the 10 best plants in North America. Also, Dana's Board of Directors was named one of the Top 5 in the United States by Chief Executive magazine in its October issue. In the past two years, units of Dana have received 16 state quality awards and the Malcolm Baldrige National Quality Award. The Automotive Hall of Fame is an educational resource and visitor attraction, located in Dearborn, Mich. Past honorees include Lee A. Iacocca, former chairman of Chrysler Corporation; Roger B. Smith, former chairman of General Motors Corporation; and Alex Trotman, chairman of Ford Motor Company. One of the world's largest independent suppliers to vehicular, off- highway, and industrial manufacturers and their related aftermarkets, Dana Corporation produces components and systems 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.