Dana Chairman and CEO Joe Magliochetti dead at 61

| Wednesday, September 24, 2003

Toledo, OH-based Dana Corp. announced Sept. 23 that Joe Magliochetti, the company's chairman and chief executive officer, died unexpectedly Sept. 22 from complications from pancreatitis. The 61-year-old executive had been hospitalized the past two weeks.

On Sept. 23, the company's board of directors named Glen Hiner, one of Dana's longest serving directors, acting chairman. Hiner will continue as chairman of the Committee of Independent Directors. The board also named Bill Carroll acting president. Carroll, president of Dana's Automotive Systems Group and a 34-year veteran of the company, will also continue in his previously announced role as acting chief operating officer.

"Joe Magliochetti was a wonderful man, not only respected but also beloved by his friends and colleagues," Hiner said. "All of us at Dana are profoundly saddened by his loss, and our thoughts and prayers are with Joe's family."

"Joe served with great distinction for more than three decades and was an outstanding leader. He built a culture of integrity and a strong organizational structure. He leaves behind an accomplished management team, which continues to have the full support of the Board of Directors as it pursues the strategic course Joe forged," Hiner said.

Magliochetti had been a frequent subject of automotive news in the past months, as the Dana Co. remains the target of a hostile takeover bid by Troy, MI-based automotive supplier ArvinMeritor Inc.

Magliochetti began his Dana career as a management trainee in 1966 and served the company for 37 years, culminating in his election as Dana's sixth chairman in 2000.

During the early 1980s, he served as president of Dana Europe, with responsibility for all operations in Europe and the Middle East. In 1985, he returned to the United States as group vice president of North American operations. He was promoted to president of Dana Corp. in 1996, and was elected to the company's board of directors later that year. In 1997, he was elected chief operating officer. Magliochetti was named president and chief executive officer in 1999, and chairman in 2000.

Magliochetti is survived by his wife, Kathy; three children; and one grandchild.

Dana Corp. was founded in 1904 and is based in Toledo, OH. Dana operates hundreds of technology, manufacturing and customer-service facilities in 30 countries.

Comments