Dana Announces Board of Directors
Dec 6, 2007
TOLEDO, Ohio, Dec. 6 /PRNewswire-FirstCall/ -- Dana Corporation (OTC: DCNAQ) (BULLETIN BOARD: DCNAQ) today announced the selection of nine individuals who are expected to serve as members of the board of directors of Dana upon emergence from Chapter 11 reorganization. The board will include Dana Chairman and Chief Executive Officer Mike Burns, who is expected to be named Chief Executive Officer. At emergence, it is expected that the offices of Chairman and Chief Executive Officer will be separate.
"We are pleased to welcome this group of highly respected individuals to the Dana team and look forward to benefiting from their perspective and guidance as we embark on our new beginning," Mr. Burns said. "The combined experience, business acumen, and high ethical standards represented by this board will provide a sound foundation for our future success."
The board, which has been selected by creditors and new investors, assembles distinguished leaders from government, finance, and automotive backgrounds. Collectively, the board represents more than 170 years of automotive industry experience.
Proposed New Board of Directors
Upon confirmation of the company's Plan of Reorganization by the Court, the board of directors will take office on the effective date of the plan. Joining Mr. Burns on the board will be:
Gary L. Convis, 65, retired in 2007 as the Chairman of Toyota Manufacturing, Kentucky and Executive Vice President of Toyota Motor Engineering & Manufacturing North America, Inc., where he had served since 2002. Prior to serving in these roles, Mr. Convis spent 16 years at New United Motor Manufacturing, Inc. Mr. Convis also spent more than 20 years in various roles with General Motors Corporation and Ford Motor Company. Mr. Convis is also a board member of Cooper-Standard Automotive Inc. and Compass Automotive Group, Inc.
John M. Devine, 63, is the former Vice Chairman and Chief Financial Officer of General Motors Corporation, where he served from 2001 to 2005. Prior to joining GM, Mr. Devine served as Chairman and Chief Executive Officer of Fluid Ventures, LLC. Previously, he spent 32 years at Ford Motor Company, where he last served as Executive Vice President and Chief Financial Officer. Mr. Devine is also currently a board member of Amerigon Incorporated.
Mark T. Gallogly, 50, is Managing Partner of Centerbridge Partners, L.P., a multi-strategy private investment firm. Prior to co-founding Centerbridge, Mr. Gallogly served as a Senior Managing Director of The Blackstone Group from 1994 to 2005, heading the firm's Private Equity Group from 2003 to 2005.
Richard A. Gephardt, 66, is a senior counsel in the Government Affairs practice group at DLA Piper, one of the world's largest law firms. Previously, Mr. Gephardt served as a Congressman for Missouri's Third Congressional District for 28 years. He was the leader of the House Democrats for more than a decade, serving as House majority leader from 1989 to 1994 and minority leader from 1995 to 2003.
Stephen J. Girsky, 45, is President of Centerbridge Industrial Partners, LLC. Prior to joining Centerbridge, Mr. Girsky was the Special Adviser to the Chief Executive Officer and Chief Financial Officer of General Motors Corporation from 2005 to 2006. Prior to joining GM, Mr. Girsky was managing director at Morgan Stanley and the senior analyst of the Morgan Stanley Global Automotive and Auto Parts Research Team.
Terrence J. Keating, 58, is Chairman of Accuride Corporation, one the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America. He has served as CEO and a director of Accuride Corporation since 2002, and was named Chairman of the company earlier this year. He recently announced plans to retire from active employment as an officer of the company at the end of 2008. Mr. Keating also serves as Vice Chairman and a director of the Heavy Duty Manufacturers Association.
Mark A. Schulz, 55, is the former President of International Operations of the Ford Motor Company, where he spent 32 years in a variety of global roles. Mr. Schulz serves as a member of several boards, including the National Committee of United States-China Relations, the United States-China Business Council, and the National Bureau of Asian Research. He is also a member of the International Advisory Board for the President of the Republic of the Philippines. Mr. Schulz is also currently a board member of YRC Worldwide Inc.
Jerome B. York, 69, has served as Chief Executive Officer of Harwinton Capital LLC, a private investment company that he controls, since 2000. From 2000 to 2003, Mr. York was Chairman and Chief Executive Officer of MicroWarehouse, Inc. From 1995 to 1999, he served as Vice Chairman of Tracinda Corporation. He served as Senior Vice President and Chief Financial Officer of IBM Corporation from 1993 to 1995. Prior to that, Mr. York spent 14 years at Chrysler Corporation serving as its Chief Financial Officer from 1990 to 1993. Mr. York is also currently a director of Apple Inc. and Tyco International Ltd.
About Dana Corporation
Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce nearly 70 million vehicles annually. Based in Toledo, Ohio, the company's continuing operations employ approximately 36,000 people in 25 countries and reported 2006 sales of $8.5 billion, with more than half of this revenue derived from outside the United States. For more information, please visit: http://www.dana.com/ .
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and projections are subject to uncertainties relating to the successful emergence of the company from bankruptcy and consummation of the financing transactions contemplated by the exit financing commitments, and a number of other risks, uncertainties and assumptions (including, but not limited to, the debtors' operations and business environment, the effects of the debtors' Chapter 11 reorganization and the conduct, outcome, and costs of the Chapter 11 cases), which are difficult to predict and which are, in many cases, beyond the debtors' control. In light of these risks and uncertainties, the events and circumstances described in the forward-looking statements and projections in the news release may not occur and the debtors' actual financial results could differ materially from those expressed or implied in such forward-looking statements and projections. Dana does not undertake to publicly update or revise any forward-looking statements or projections contained in the news release, whether as a result of new information, future events, or otherwise.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
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SOURCE: Dana Corporation
CONTACT: Chuck Hartlage of Dana Corporation, +1-419-535-4728
Web site: http://www.dana.com/
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