Huh? Dana named whom to its board? And who else?
For a troubled, old-line auto supplier mired in bankruptcy for nearly two years, Dana sure has figured out a way to recruit new board members. Last week the Toledo, Ohio, company put together one of the strongest boards in the auto supply chain.
The list includes investment banker Jerry York, former Ford and GM financial star John Devine, former U.S. House Majority Leader Richard Gephardt and Toyota's former top manufacturing exec in North America, Gary Convis.
Dana plans to emerge early next year from Chapter 11 reorganization with the backing of the New York private equity firm Centerbridge Partners LP and with new labor contract concessions from the UAW.
The first order of new business for the new Dana board will be to elect a chairman. CEO Mike Burns will relinquish that title but will remain CEO and a board member.