Dana Corporation Chairman Announces Retirement in April 2000

Toledo, Ohio (PROTEXT) - Dana Corporation (NYSE: DCN) ChairmanSouthwood J. "Woody" Morcott announced today that he will retirefrom the company, effective April 30, 2000. Morcott will endnearly 37 years of service -- the last 10 as chairman -- with theautomotive supplier. He is expected to be succeeded by Joseph M.Magliochetti, a 33-year Dana veteran who currently serves aspresident and chief executive officer. (Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) "I am pleased that a person of Joe's caliber is available tolead this company in the next century. My desire is to see thecompany into the next millennium, where I am sure it willflourish under Joe's leadership," Morcott said. Morcott was elected chairman of Dana in 1990 and served aschief executive officer from 1989 to 1999. During his tenure, heguided the company through the worst recession since World War IIwhile keeping the company profitable and maintaining the dividend-- which has not been missed or reduced since 1936. Under his leadership, Dana has more than doubled in size froma company with less than $5 billion in sales to a companyexpecting sales of more than $13 billion in 1999. The company hasreported record sales each year since 1993 and record profitsevery year since 1992. In the 1990s, the company's sales have hada compound annual growth rate of more than 12 percent on a non-pooled basis. Net income, likewise, has experienced a compoundannual growth rate of 59 percent, on a non-pooled basis, sincethe 1991 recession. Since Morcott was named chairman, the company has completedabout 50 acquisitions and joint ventures. Recent majoracquisitions include those of the former Echlin Inc.; the GlacierVandervell and Clevite businesses from Federal-Mogul Corporation;the heavy axle and brake operations of Eaton Corporation; Clark-Hurth Components, a division of the Ingersoll-Rand Company; andthe Sealed Power Division of SPX Corporation. Morcott has also led the company through a strategictransformation in which it focused on core businesses, sellingnon-strategic or under-performing businesses with annual sales ofsome $2 billion since 1997. Morcott's strategic direction hasmoved the company from a components supplier to a systemssupplier to a supplier of integrated systems. The most dramaticexamples of this are the Rolling Chassis(TM) module Danamanufactures for DaimlerChrysler in Brazil and the full chassissystems Dana assembles for Mack Trucks, Inc., and Western StarTrucks Inc. Recognized as the 1998 Automotive Industry Leader of the Year,Morcott's service on behalf of the automotive industry extendsbeyond his work at Dana. He was a founding member and the firstco-chairman of the Automotive-Supplier Government Action Council,where he worked with other industry leaders on important issuessuch as passage of NAFTA and the opposition to higher CAFEstandards. He has also worked on behalf of the industry aschairman of the board of trustees of the Manufacturers' Alliance,as a member of the U.S.- Japan Business Council, and as a memberof the U.S. Business Roundtable. Morcott also serves as a member of the boards of directors ofCSX Corporation; Johnson Controls, Inc.; and Phelps DodgeCorporation. A native of Covington, Ga., Morcott received a bachelor'sdegree from Davidson College in 1960. He served as an officer inthe U.S. Army, living two years in Germany, and then earned amaster's degree in business administration from the University ofMichigan. He completed the Harvard Business School's AdvancedManagement Program. He and his wife, Cindy, have two children. ABOUT MAGLIOCHETTI Magliochetti joined the Victor Manufacturing Company ofChicago in 1966 as a management trainee. Following Dana's 1967acquisition of Victor, he served in a variety of sales,engineering, and manufacturing positions at several Danadivisions. In 1975, he moved to the Service Parts Group as plantmanager of the Churubusco, Ind., Distribution Center. He waspromoted to general manager of the Spicer Clutch Division in 1978and was named that division's vice president and general managerthe following year. In 1980, Magliochetti was named director of drivetraincomponents for Dana Engineering Ltd. Later that year he wasappointed president of Dana Europe, with responsibility for alloperations in Europe and the Middle East. In 1985, he returned tothe United States as group vice president of North AmericanOperations, with a primary focus on industrial and mobile off-highway customers. He was named president of Automotive - NorthAmerican Operations in 1990. In 1992, Magliochetti becamepresident of North American Operations and was appointed to theDana Policy Committee. He was promoted to president of DanaCorporation in 1996 and was elected to the company's Board ofDirectors later that year. In 1997, he was appointed chairman ofDana's World Operating Committee. Later that year, he was electedChief Operating Officer. He was named President and ChiefExecutive Officer in 1999. Magliochetti was educated at the University of Illinois. Hecompleted the Hillsdale College Management Development Programand is a 1985 graduate of the Harvard Advanced ManagementProgram. He is a member of the Automotive Original EquipmentManufacturers Association, the Automotive Service IndustryAssociation, and the Equipment Manufacturers Institute. He serveson the boards of Danaven; Spicer S.A.; and the Motor andEquipment Manufacturers Association. He is a member of theMEMA/JAMA Liaison Committee to cultivate automotive traderelations with Japan and has served on the U.S. Department ofCommerce Auto Parts Advisory Committee. Magliochetti and hiswife, Kathy, have three children. ABOUT DANA Dana Corporation is one of the world's largest independentsuppliers to vehicle manufacturers and their relatedaftermarkets. Founded in 1904 and based in Toledo, Ohio, thecompany operates some 330 major facilities in 32 countries andemploys more than 86,000 people. The company reported sales of$12.5 billion in 1998. Dana's Internet address is www.dana.com .ots Original Text Service: Dana Corporation Internet:http://www.newsaktuell.de Contact: Gary Corrigan of DanaCorporation (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

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