TOLEDO, Ohio, March 6 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) announced today that Ted Stenger has been named Chief
Restructuring Officer for the company. Mr. Stenger will report directly to
Dana Chairman and CEO Mike Burns in this role.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA)
"Ted brings to Dana more than 20 years of experience assisting major
corporations in addressing significant financial and operational challenges,"
Mr. Burns said. "Ted's primary responsibilities will include communicating
with our creditors during our reorganization, as well as many other key
elements of the Chapter 11 process. He will also work closely with our senior
management team as we develop our reorganization plan to emerge from Chapter
11 as a strong company and a vigorous competitor in the automotive industry."
Mr. Stenger most recently served as Chief Restructuring Officer at Fleming
Companies, a leading supplier of consumer packaged goods. His previous
restructuring assignments have included service as Treasurer at Kmart
Corporation, a discount retailer; restructuring advisor to Allied Holdings, an
automotive transportation and logistics provider; financial advisor to Fruit
of the Loom, an international basic apparel company; and restructuring advisor
at FINOVA Group, a commercial financial services company.
Mr. Stenger is a Managing Director of AlixPartners, a financial advisory
firm specializing in performance improvement and corporate turnarounds. He is
co-leader of the firm's turnaround and restructuring practice. Prior to
joining AlixPartners, he was in the Corporate Finance Group of Ernst & Young.
Dana people design and manufacture products for every major vehicle
producer in the world. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which collectively
produce more than 60 million vehicles annually. A leading supplier of
drivetrain, chassis, structural, and engine technologies, Dana employs 46,000
people in 28 countries. Based in Toledo, Ohio, the company reported sales of
$9 billion in 2004. Dana's Internet address is: http://www.dana.com.
SOURCE Dana Corporation
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http://www.dana.com
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CONTACT:
Chuck Hartlage of Dana Corporation,
+1-419-535-4728, or chuck.hartlage@dana.com
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