DETROIT -- Troubled supplier Dana Corp. today selected a veritable Whos Who of U.S. executives and big names to serve on its new nine-member board of directors.
The list includes a former U.S. presidential candidate, a powerful Wall Street investment player, one of the auto industrys top financial executives and Toyota Motor Corp.s former head of manufacturing in North America.
Creditors and new investors selected the new board members, representing a combined 170 years of experience in the auto industry. The new board takes over once Dana emerges from Chapter 11 bankruptcy reorganization early next year. The new board members will be:
- Gary Convis, 65 Former executive vice president of Toyota Motor Engineering and Manufacturing, North America, from 2002-2007.
- John Devine, 63 Former General Motors vice chairman and chief financial officer. Devine also spent 32 years at Ford Motor Co. and last served as chief financial officer.
- Richard Gephardt, 66 A one-time U.S. presidential candidate from Missouri who was U.S. House Democratic majority leader from 1989 to 1994 and minority leader from 1995 to 2003. Gephardt has close ties to organized labor. The UAW has played an influential role in the Dana reorganization efforts.
- Stephen Girsky, 45 Current president of Centerbridge Partners LP of New York, the key private equity firm involved in Danas reorganization. Girsky also was a special advisor to GM CEO Rick Wagoner from 2005-2006.
- Mark Schulz, 55 Former Ford Motor Co. president of international operations.
- Jerome York, 69 Long-time investment banker who has long been affiliated with billionaire investor Kirk Kerkorian. York controls Harwinton Capital LLC and has held executive positions with IBM Corp. and Chrysler.
- Terrence Keating, 58 Chairman of supplier Accuride Corp.
- Mark Gallogly, 50 Managing partner and co-founder of Centerbridge Partners.
Dana also said it plans to separate the jobs of chairman and CEO of the company, announcing that CEO Mike Burns will retain the CEO job. The company statement did not say who would be named chairman. Burns will remain on the board.
Four of the new board members were selected by Centerbridge and three others were appointed by the creditors committee, said Dana spokesman Chuck Hartlage, who didnt identify the specific choices of the two groups.
We are pleased to welcome this group of highly respected individuals to the Dana team and look forward to benefiting from their perspective and guidance as we embark on our new beginning, Burns said in a statement. The combined experience, business acumen, and high ethical standards represented by this board will provide a sound foundation for our future success.
Dana, of Toledo, Ohio, makes a variety of axles, driveshafts and other drivetrain parts. It filed for bankruptcy protection in March 2006. The 103-year-old company ranks No. 20 on the Automotive News list of the top 100 global suppliers, with original-equipment automotive parts sales of $8.50 billion in 2006.