Dana Corp. promoted its president and COO, Joseph Magliochetti, to president and CEO in a further expansion of his role at the parts maker.
As CEO, Magliochetti succeeds Southwood 'Woody' Morcott, who remains chairman.
In a statement, Morcott described the management change as a 'natural evolution' for Dana.
He said Magliochetti will now be able to 'place greater emphasis on growth and the strategic integration of new operations.'
Magliochetti, 56, will be responsible for the management of Dana's parts-making business units. Mor-cott, 60, will focus on Dana's strategic direction. The company ranks fourth on the Automotive News list of biggest original-equipment suppliers to North America.
In 1998, Dana reported net income of $534.1 million, up 67 percent from 1997. Sales rose 5 percent, to $12.5 billion.
Magliochetti was named president of Dana in 1996. He added the title of COO in December 1997, when the company reorganized under six global business units: car and light truck, engine, heavy truck, off-highway, industrial and leasing. In July, Dana added a seventh unit, an automotive aftermarket group anchored by the recently acquired Echlin Inc.