BLOOMFIELD HILLS, Mich. (Sept. 10)—Newcor Inc.'s board of directors has named David A. Segal co-chief executive of the company, along with James J. Connor who had been CEO and chief financial officer. Segal is chairman of Newcor's board of directors and the head of its largest shareholder Exx Inc., which has been trying to gain control of Newcor for the past year and a half. The board, controlled by Exx, made the change "in view of Mr. Segal's expanding role in the financial restructuring of Newcor, which has become necessary given development in its business," the company said in a written statement.
Exx chairman and CEO to co-manage Newcor
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