MAUMEE, Ohio—Roger J. Wood, president and CEO of Dana Holding Corp., has informed the company's board of directors that he plans to retire in April 2016 after five years of leadership.
The board has initiated a process that will evaluate both internal and external candidates in order to select the best possible successor, Dana said.
“Roger has provided strong leadership, guiding the company through a challenging economic environment and resetting our strategic direction to create an efficient, high innovative and rigorous competitor,” Joseph C. Muscari, Dana's non-executive chairman, said in a news release.
The firm also released its preliminary 2014 financial results, projecting sales at $6.6 billion—which would be more than a $200 million increase compared to 2013—and cash flow of $275 million. The firm also repurchased $260 million of common stock in 2014 with $311 million remaining under Dana's current share repurchase program.
Dana also released its financial targets for 2015, projecting sales of $6.7 billion to $6.8 billion.
Dana is a global supplier of driveline, sealing and thermal management technology that improves the efficiency in the performance of vehicles with both conventional and alternative-energy powertrains. The firm serves three primary markets—passenger vehicle, commercial truck and off-highway equipment.