PHILADELPHIA (Reuters) -- Auto parts maker ArvinMeritor Inc., which posted lower profits in the wake of its unsuccessful bid for rival Dana Corp., said Wednesday that Terry O'Rourke would resign as president and COO.
Earlier on Wednesday, ArvinMeritor posted lower-than-expected first-quarter earnings and forecast second-quarter results that fell short of Wall Street expectations. The company makes axles, brakes, exhaust and suspension systems.
In November, ArvinMeritor abandoned its effort to takeover Dana after the rival's board rejected the sweetened $18-a-share tender. The first-quarter results included a charge of 9 cents a share for that failed bid.
ArvinMeritor said O'Rouke, who also resigned from the board of directors, will pursue opportunities outside of the company and the COO position will be be eliminated, the company said.
It was not immediately known whom would take over as president.