Dana Corporation Chairman Announces Retirement in April 2000
Oct 18, 1999
TOLEDO, Ohio, Oct. 18 /PRNewswire/ -- Dana Corporation (NYSE: DCN) Chairman Southwood J. "Woody" Morcott announced today that he will retire from the company, effective April 30, 2000. Morcott will end nearly 37 years of service -- the last 10 as chairman -- with the automotive supplier. He is expected to be succeeded by Joseph M. Magliochetti, a 33-year Dana veteran who currently serves as president and chief executive officer. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) "I am pleased that a person of Joe's caliber is available to lead this company in the next century. My desire is to see the company into the next millennium, where I am sure it will flourish under Joe's leadership," Morcott said. Morcott was elected chairman of Dana in 1990 and served as chief executive officer from 1989 to 1999. During his tenure, he guided the company through the worst recession since World War II while keeping the company profitable and maintaining the dividend -- which has not been missed or reduced since 1936. Under his leadership, Dana has more than doubled in size from a company with less than $5 billion in sales to a company expecting sales of more than $13 billion in 1999. The company has reported record sales each year since 1993 and record profits every year since 1992. In the 1990s, the company's sales have had a compound annual growth rate of more than 12 percent on a non- pooled basis. Net income, likewise, has experienced a compound annual growth rate of 59 percent, on a non-pooled basis, since the 1991 recession. Since Morcott was named chairman, the company has completed about 50 acquisitions and joint ventures. Recent major acquisitions include those of the former Echlin Inc.; the Glacier Vandervell and Clevite businesses from Federal-Mogul Corporation; the heavy axle and brake operations of Eaton Corporation; Clark-Hurth Components, a division of the Ingersoll-Rand Company; and the Sealed Power Division of SPX Corporation. Morcott has also led the company through a strategic transformation in which it focused on core businesses, selling non-strategic or under-performing businesses with annual sales of some $2 billion since 1997. Morcott's strategic direction has moved the company from a components supplier to a systems supplier to a supplier of integrated systems. The most dramatic examples of this are the Rolling Chassis(TM) module Dana manufactures for DaimlerChrysler in Brazil and the full chassis systems Dana assembles for Mack Trucks, Inc., and Western Star Trucks Inc. Recognized as the 1998 Automotive Industry Leader of the Year, Morcott's service on behalf of the automotive industry extends beyond his work at Dana. He was a founding member and the first co-chairman of the Automotive-Supplier Government Action Council, where he worked with other industry leaders on important issues such as 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, as a member of the U.S.- Japan Business Council, and as a member of the U.S. Business Roundtable. Morcott also serves as a member of the boards of directors of CSX Corporation; Johnson Controls, Inc.; and Phelps Dodge Corporation. A native of Covington, Ga., Morcott received a bachelor's degree from Davidson College in 1960. He served as an officer in the U.S. Army, living two years in Germany, and then earned a master's degree in business administration from the University of Michigan. He completed the Harvard Business School's Advanced Management Program. He and his wife, Cindy, have two children. ABOUT MAGLIOCHETTI Magliochetti joined the Victor Manufacturing Company of Chicago in 1966 as a management trainee. Following Dana's 1967 acquisition of Victor, he served in a variety of sales, engineering, and manufacturing positions at several Dana divisions. In 1975, he moved to the Service Parts Group as plant manager of the Churubusco, Ind., Distribution Center. He was promoted to general manager of the Spicer Clutch Division in 1978 and was named that division's vice president and general manager the following year. In 1980, Magliochetti was named director of drivetrain components for Dana Engineering Ltd. Later that year he was appointed 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, with a primary focus on industrial and mobile off-highway customers. He was named president of Automotive - North American Operations in 1990. In 1992, Magliochetti became president of North American Operations and was appointed to the Dana Policy Committee. 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 appointed chairman of Dana's World Operating Committee. Later that year, he was elected Chief Operating Officer. He was named President and Chief Executive Officer in 1999. Magliochetti was educated at the University of Illinois. He completed the Hillsdale College Management Development Program and is a 1985 graduate of the Harvard Advanced Management Program. He is a member of the Automotive Original Equipment Manufacturers Association, the Automotive Service Industry Association, and the Equipment Manufacturers Institute. He serves on the boards of Danaven; Spicer S.A.; and the Motor and Equipment Manufacturers Association. He is a member of the MEMA/JAMA Liaison Committee to cultivate automotive trade relations with Japan and has served on the U.S. Department of Commerce Auto Parts Advisory Committee. Magliochetti and his wife, Kathy, have three children. ABOUT DANA Dana Corporation is one of the world's largest independent suppliers to vehicle manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates some 330 major facilities in 32 countries and employs more than 86,000 people. The company reported sales of $12.5 billion in 1998. Dana's Internet address is http://www.dana.com .
SOURCE Dana Corporation
Web Site: http://www.dana.com
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