TOLEDO, Ohio, Dec. 6 /PRNewswire-FirstCall/ -- Dana Corporation (OTC
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.
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"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/ .
Forward-Looking Statements
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.
SOURCE Dana Corporation
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