Dana Chief Financial Officer John S. Simpson Announces Retirement Toledo, Ohio (ots-PRNewswire) - Dana Corporation (NYSE: DCN) announced today that John S. "Jack" Simpson, Dana executive vice president and chief financial officer, will retire from the company Dec. 31, 1999. Simpson has served as CFO since 1997 and was promoted to the position of executive vice president in 1998. Robert C. Richter, who currently serves as Dana's vice president for finance and administration, will succeed him. Simpson is retiring after a 26-year career with Dana that included service as vice president of finance and treasurer of the company and president of Dana Asia Pacific. "Jack is a man of great personal integrity, who has helped lead Dana Corporation through some of the most successful years in its history," said Dana Chairman Southwood J. Morcott. "His extensive and diversified financial background, his first-hand experience, and his demonstrated business acumen have been tremendous assets to Dana as the company entered a period of unprecedented growth and change." "Jack has provided Dana Corporation with stellar leadership and counsel amid a period of tremendous growth and change," said Dana President and Chief Executive Officer Joe Magliochetti. "He has had a tremendous impact on Dana's merger, acquisition, and divestiture strategy. In fact, our company has grown from sales of $7.6 billion, when he was appointed treasurer, to a company projecting sales of more than $13 billion in 1999 -- all with a sharpened focus on core competencies." Simpson joined Dana in 1973 as controller of its Seco Electronics operation in Lancaster, S.C. In 1976, he moved to Dana's Industrial Power Transmission Division as treasurer and, in 1978 he was appointed controller of the Perfect Circle Products Division in Richmond, Ind. Simpson became director of international finance for Dana in 1982 and vice president of finance for Warner Electric in 1985. He was named president of Dana's Diamond Savings & Loan in 1987. In 1992, Simpson was promoted to president of Dana Asia Pacific. He was appointed vice president of finance and treasurer of Dana effective Jan. 1, 1996. He was promoted to chief financial officer and named to the Dana Policy Committee in January 1997. Simpson is a graduate of the University of Minnesota and has completed the Harvard Business School Advanced Management Program, as well as management programs at the University of Wisconsin and the University of California. In addition, he served in the United States Army, first in Korea and then as a combat veteran in Vietnam. He is a member of the Board of Trustees of Siena Heights University, Adrian, Mich., and serves on the Council for International Business Education at the University of Michigan. Dana Corporation is one of the world's largest independent suppliers to vehicular manufacturers and their related aftermarkets. Founded in 1904 and based in Toledo, Ohio, the company operates 338 major facilities in 32 countries and employs more than 86,000 people. The company had sales of $12.5 billion in 1998. Dana's Internet address is www.dana.com . Biographical Information Robert C. Richter Vice President - Finance and Administration Dana Corporation Bob Richter is a 25-year Dana veteran whose diverse background includes experience in a variety of financial and operating responsibilities. In 1983 he was elected assistant treasurer of Dana Corporation. He was appointed senior vice president of Hayes- Dana, Inc. in Canada in 1985, and in 1987 he returned to the United States as corporate controller. He relocated to France to become vice president and general manager of Perfect Circle Europe in 1994 and became general manager of the combined division of Perfect Circle Sealed Power Europe after the acquisition of Sealed Power in 1997. Later in the year, he was named vice president - administration. In 1998, Richter was promoted to vice president - finance and administration, assuming responsibility for a variety of corporate financial functions. "Bob has broad experience and has demonstrated strong leadership in all aspects of financial management. He will be working closely with Jack Simpson during this transitional period," said Joe Magliochetti, president and CEO. Southwood J. Morcott, chairman of the board, said, "Bob will be a strong contributor to Dana's global growth. Along with his breadth of financial and operational experience, he has spent 20 percent of his Dana career outside of the United States, has lived on three continents, and has foreign language capabilities." A native of Heidelberg, Germany, Richter received a bachelor's degree from Miami University and an MBA from Bowling Green State University. He also has completed Harvard's Advanced Management Program. Richter is a member of Dana's World Operating Committee, and in the past has served as a member of Dana's European Operating Committee and the South American Operating Committee and as chairman of the Investment Committee. He is currently a member of the Financial Executives Institute, the Strategic Planning Council of the Manufacturers' Alliance for Productivity and Innovation (MAPI), and the International Business Advisory Committee for the School of Business Administration of Bowling Green State University. He is a past member of the Advisory Council for the School of Applied Science of Miami University, the Board of Directors of Flower Memorial Hospital, and the Young Leader's Council of the United Way of Greater Toledo. ots Original Text Service: Dana Corporation Internet: http://www.newsaktuell.de Contact: Gary Corrigan of Dana (USA) 419-535-4813 Company News On-Call: http://www.prnewswire.com/comp/226839.html or fax, (USA) 800-758-5804, ext. 226839 Web site: http://www.dana.com e-mail: NA_global@newsaktuell.de

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