Michael Burns Named CEO of Dana

Resource from: www.ebearing.com Likes:3032

Feb 09,2004

Michael Burns, head of General Motors' European division, has been named CEO of Dana Corp. (USA). He joins Dana as of March 1, 2004. GM Vice Chairman, Robert Lutz, will replace Mr. Burns in an interim basis through June 1 until Fritz Henderson, now President of GM Asian-Pacific operations, takes over the post. Troy Clark, currently head of GM North American manufacturing, joins Mr. Henderson in Asia immediately and will take his post when Mr. Henderson moves on in June. Mr. Henderson had been President of fast-growing GM Asia-Pacific since 2002. The opportunity for Mr. Burns comes amid changes for Dana and GM. In September 2003, Dana President Joe Magliochetti died suddenly, amid a $4.4 billion hostile takeover bid by ArvinMeritor Inc.. ArvinMeritor gave up the takeover attempt in November 2003. Mr. Burns had been with GM Europe since 1998; in 2003 it lost $286 million and was still slowly recovering from a long-term slump in sales and profitability. Prior to joining GM in 1981, he had been with the Delco electronic systems division of Delphi. Mr. Lutz said there was no problem or issue behind Mr. Burns' departure and that he was not forced out. "I think, like many of us," he said, "he had a burning desire to be a chief executive and, with Rick Wagoner's age, it was kind of improbable that he would do that."

(www.ebearing.com)

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