Dana Corporation Chairman Announces Retirement in April 2000
18 October 1999
Dana Corporation Chairman Announces Retirement in April 2000 DANA CORPORATION LOGO Dana Corporation logo. (PRNewsFoto)[DM] TOLEDO, OH USA 09/03/1999
TOLEDO, Ohio, Oct. 18 -- Dana Corporation
Chairman Southwood J. "Woody" Morcott announced today that he will retire from
the company, effective April 30, 2000. Morcott will end nearly 37 years of
service -- the last 10 as chairman -- with the automotive supplier. He is
expected to be succeeded by Joseph M. Magliochetti, a 33-year Dana veteran who
currently serves as president and chief executive officer.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
"I am pleased that a person of Joe's caliber is available to lead this
company in the next century. My desire is to see the company into the next
millennium, where I am sure it will flourish under Joe's leadership," Morcott
said.
Morcott was elected chairman of Dana in 1990 and served as chief executive
officer from 1989 to 1999. During his tenure, he guided the company through
the worst recession since World War II while keeping the company profitable
and maintaining the dividend -- which has not been missed or reduced since
1936.
Under his leadership, Dana has more than doubled in size from a company
with less than $5 billion in sales to a company expecting sales of more than
$13 billion in 1999. The company has reported record sales each year since
1993 and record profits every year since 1992. In the 1990s, the company's
sales have had a compound annual growth rate of more than 12 percent on a non-
pooled basis. Net income, likewise, has experienced a compound annual growth
rate of 59 percent, on a non-pooled basis, since the 1991 recession.
Since Morcott was named chairman, the company has completed about 50
acquisitions and joint ventures. Recent major acquisitions include those of
the former Echlin Inc.; the Glacier Vandervell and Clevite businesses from
Federal-Mogul Corporation; the heavy axle and brake operations of Eaton
Corporation; Clark-Hurth Components, a division of the Ingersoll-Rand Company;
and the Sealed Power Division of SPX Corporation.
Morcott has also led the company through a strategic transformation in
which it focused on core businesses, selling non-strategic or under-performing
businesses with annual sales of some $2 billion since 1997. Morcott's
strategic direction has moved the company from a components supplier to a
systems supplier to a supplier of integrated systems. The most dramatic
examples of this are the Rolling Chassis(TM) module Dana manufactures for
DaimlerChrysler in Brazil and the full chassis systems Dana assembles for Mack
Trucks, Inc., and Western Star Trucks Inc.
Recognized as the 1998 Automotive Industry Leader of the Year, Morcott's
service on behalf of the automotive industry extends beyond his work at Dana.
He was a founding member and the first co-chairman of the Automotive-Supplier
Government Action Council, where he worked with other industry leaders on
important issues such as passage of NAFTA and the opposition to higher CAFE
standards. He has also worked on behalf of the industry as chairman of the
board of trustees of the Manufacturers' Alliance, as a member of the U.S.-
Japan Business Council, and as a member of the U.S. Business Roundtable.
Morcott also serves as a member of the boards of directors of CSX
Corporation; Johnson Controls, Inc.; and Phelps Dodge Corporation.
A native of Covington, Ga., Morcott received a bachelor's degree from
Davidson College in 1960. He served as an officer in the U.S. Army, living
two years in Germany, and then earned a master's degree in business
administration from the University of Michigan. He completed the Harvard
Business School's Advanced Management Program. He and his wife, Cindy, have
two children.
ABOUT MAGLIOCHETTI
Magliochetti joined the Victor Manufacturing Company of Chicago in 1966 as
a management trainee. Following Dana's 1967 acquisition of Victor, he served
in a variety of sales, engineering, and manufacturing positions at several
Dana divisions. In 1975, he moved to the Service Parts Group as plant manager
of the Churubusco, Ind., Distribution Center. He was promoted to general
manager of the Spicer Clutch Division in 1978 and was named that division's
vice president and general manager the following year.
In 1980, Magliochetti was named director of drivetrain components for Dana
Engineering Ltd. Later that year he was appointed president of Dana Europe,
with responsibility for all operations in Europe and the Middle East. In
1985, he returned to the United States as group vice president of North
American Operations, with a primary focus on industrial and mobile off-highway
customers. He was named president of Automotive - North American Operations
in 1990. In 1992, Magliochetti became president of North American Operations
and was appointed to the Dana Policy Committee. He was promoted to president
of Dana Corporation in 1996 and was elected to the company's Board of
Directors later that year. In 1997, he was appointed chairman of Dana's World
Operating Committee. Later that year, he was elected Chief Operating Officer.
He was named President and Chief Executive Officer in 1999.
Magliochetti was educated at the University of Illinois. He completed the
Hillsdale College Management Development Program and is a 1985 graduate of the
Harvard Advanced Management Program. He is a member of the Automotive
Original Equipment Manufacturers Association, the Automotive Service Industry
Association, and the Equipment Manufacturers Institute. He serves on the
boards of Danaven; Spicer S.A.; and the Motor and Equipment Manufacturers
Association. He is a member of the MEMA/JAMA Liaison Committee to cultivate
automotive trade relations with Japan and has served on the U.S. Department of
Commerce Auto Parts Advisory Committee. Magliochetti and his wife, Kathy,
have three children.
ABOUT DANA
Dana Corporation is one of the world's largest independent suppliers to
vehicle manufacturers and their related aftermarkets. Founded in 1904 and
based in Toledo, Ohio, the company operates some 330 major facilities in 32
countries and employs more than 86,000 people. The company reported sales of
$12.5 billion in 1998. Dana's Internet address is http://www.dana.com .