MAUMEE, Ohio — Dana Holding Corp. is set to undergo a major business transition.
The company’s president and CEO announced his retirement plans. After five years, Roger J. Wood will leave the company in April 2016. Currently, a search is on to find his successor, and Wood is expected to take part in the process of finding the company’s next leader.
Joseph C. Muscari, Dana’s non-executive chairman, said Wood provided much-needed guidance during a difficult period in the company’s history.
“Roger has provided strong leadership, guiding the company through a challenging economic environment and resetting our strategic direction to create an efficient, highly innovative, and rigorous competitor. We look forward to his continuing stewardship in the year ahead and to his active participation in the succession process to ensure the smoothest possible transition.”
As for Wood, he believes the components manufacturer has its financial house in order.
“Having completed a transformation plan in which we realigned our capital structure, implemented a lean and focused operating model across the enterprise, and steadily increased our investment in engineering and innovation, Dana is on a path for consistent shareholder value creation,” said Wood. “Dana’s employees and experienced leadership team have demonstrated remarkable tenacity and agility in transforming our global enterprise and creating the foundation for sustainable, profitable growth.
“We are looking forward to another year of significant achievements. I am proud of what we’ve accomplished and confident in our prospects as we move toward the next chapter for our customers, employees, and shareholders.”
According to the company’s preliminary 2014 financial statement, Dana had US$6.6 billion in sales, with a $745 million in adjusted earnings (EBITDA). During 2015, it expects to achieve sales of between US$6.7 billion and US$6.8, resulting in an adjusted EBITDA of US$760 to US$780 million. Its 2015-2017 sales backlog of $730 million is 30 percent higher than the three-year backlog announced in 2014.
“We are pleased with our results for 2014. Despite the challenging economic environment in some of our markets, our strategic plan has begun to yield the results of growth above the market rate. It was a record year for margin and our sixth consecutive year of margin expansion,” said Wood.
“We are also excited about our prospects for 2015 and beyond—with continued growth above the market rate and an increasing backlog of new business.”
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