Dana Chief Financial Officer John S. Simpson Announces Retirement
12 May 1999
Dana Chief Financial Officer John S. Simpson Announces Retirement
TOLEDO, Ohio, May 12 -- Dana Corporation
announced today that John S. "Jack" Simpson, Dana executive vice president and
chief financial officer, will retire from the company Dec. 31, 1999. Simpson
has served as CFO since 1997 and was promoted to the position of executive
vice president in 1998. Robert C. Richter, who currently serves as Dana's
vice president for finance and administration, will succeed him.
Simpson is retiring after a 26-year career with Dana that included service
as vice president of finance and treasurer of the company and president of
Dana Asia Pacific.
"Jack is a man of great personal integrity, who has helped lead Dana
Corporation through some of the most successful years in its history," said
Dana Chairman Southwood J. Morcott. "His extensive and diversified financial
background, his first-hand experience, and his demonstrated business acumen
have been tremendous assets to Dana as the company entered a period of
unprecedented growth and change."
"Jack has provided Dana Corporation with stellar leadership and counsel
amid a period of tremendous growth and change," said Dana President and Chief
Executive Officer Joe Magliochetti. "He has had a tremendous impact on Dana's
merger, acquisition, and divestiture strategy. In fact, our company has grown
from sales of $7.6 billion, when he was appointed treasurer, to a company
projecting sales of more than $13 billion in 1999 -- all with a sharpened
focus on core competencies."
Simpson joined Dana in 1973 as controller of its Seco Electronics
operation in Lancaster, S.C. In 1976, he moved to Dana's Industrial Power
Transmission Division as treasurer and, in 1978 he was appointed controller of
the Perfect Circle Products Division in Richmond, Ind. Simpson became
director of international finance for Dana in 1982 and vice president of
finance for Warner Electric in 1985. He was named president of Dana's Diamond
Savings & Loan in 1987. In 1992, Simpson was promoted to president of Dana
Asia Pacific. He was appointed vice president of finance and treasurer of
Dana effective Jan. 1, 1996. He was promoted to chief financial officer and
named to the Dana Policy Committee in January 1997.
Simpson is a graduate of the University of Minnesota and has completed the
Harvard Business School Advanced Management Program, as well as management
programs at the University of Wisconsin and the University of California. In
addition, he served in the United States Army, first in Korea and then as a
combat veteran in Vietnam. He is a member of the Board of Trustees of Siena
Heights University, Adrian, Mich., and serves on the Council for International
Business Education at the University of Michigan.
Dana Corporation is one of the world's largest independent suppliers to
vehicular manufacturers and their related aftermarkets. Founded in 1904 and
based in Toledo, Ohio, the company operates 338 major facilities in 32
countries and employs more than 86,000 people. The company had sales of
$12.5 billion in 1998. Dana's Internet address is http://www.dana.com .
Biographical Information
Robert C. Richter
Vice President - Finance and Administration
Dana Corporation
Bob Richter is a 25-year Dana veteran whose diverse background includes
experience in a variety of financial and operating responsibilities. In 1983
he was elected assistant treasurer of Dana Corporation. He was appointed
senior vice president of Hayes-Dana, Inc. in Canada in 1985, and in 1987 he
returned to the United States as corporate controller. He relocated to France
to become vice president and general manager of Perfect Circle Europe in 1994
and became general manager of the combined division of Perfect Circle Sealed
Power Europe after the acquisition of Sealed Power in 1997. Later in the
year, he was named vice president - administration. In 1998, Richter was
promoted to vice president - finance and administration, assuming
responsibility for a variety of corporate financial functions.
"Bob has broad experience and has demonstrated strong leadership in all
aspects of financial management. He will be working closely with Jack Simpson
during this transitional period," said Joe Magliochetti, president and CEO.
Southwood J. Morcott, chairman of the board, said, "Bob will be a strong
contributor to Dana's global growth. Along with his breadth of financial and
operational experience, he has spent 20 percent of his Dana career outside of
the United States, has lived on three continents, and has foreign language
capabilities."
A native of Heidelberg, Germany, Richter received a bachelor's degree from
Miami University and an MBA from Bowling Green State University. He also has
completed Harvard's Advanced Management Program.
Richter is a member of Dana's World Operating Committee, and in the past
has served as a member of Dana's European Operating Committee and the South
American Operating Committee and as chairman of the Investment Committee. He
is currently a member of the Financial Executives Institute, the Strategic
Planning Council of the Manufacturers' Alliance for Productivity and
Innovation (MAPI), and the International Business Advisory Committee for the
School of Business Administration of Bowling Green State University. He is a
past member of the Advisory Council for the School of Applied Science of Miami
University, the Board of Directors of Flower Memorial Hospital, and the Young
Leader's Council of the United Way of Greater Toledo.