MAUMEE, OH – The president and CEO of Dana Holding Corporation has informed the company’s board of directors that he plans to retire in April 2016
Roger J. Wood has led the company for five years.
The board will look at candidates – both internal and external – to replace him, using the global executive search firm Spencer Stuart, Inc.
The announcement comes just prior to the company’s report on 2014 financial results.
A preliminary report indicates sales of $6.6 billion, a record adjusted EBITDA margin of 11.3 percent, strong free cash flow of $275 million; and repurchased stock in the amount of $260 million.
Dana also announced its financial targets for full-year 2015. It is anticipating sales of $6.7 to 6.8 billion; an adjusted EBITDA of $760 to $780 million; capital spending of $300 to $320 million; and free cash flow of $190 to $220 million.
“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 Mr. 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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