Name:  Dana Holding Corporation     

Address: 4500 Dorr Street 

City: Toledo, OH 

CEO:  Gary Convis

Product: Automotive

Phone: 419-535-4500  

Year Founded: 1905

      Dana Holding Corporation recently emerged from Chapter 11 reorganization as a new company positioned to compete vigorously in the global automotive, commercial vehicle, and off-highway markets.

      Dana’s U.S. operations entered Chapter 11 on March 3, 2006. During a comprehensive, 23-month reorganization, the company and its stakeholders achieved $440 million to $475 million in annual cost savings and revenue improvements. These annual savings were achieved primarily from improvements in its manufacturing footprint, reducing labor costs and benefit changes, working with labor and retiree groups to create VEBA trusts to assume ongoing obligations for retiree health and welfare costs, and further reductions in administrative expenses.

      “Fundamental change has been our objective from the outset of this process,” said Mike Burns. “We have achieved this goal through the persistence and dedication of our employees around the world, the partnerships with our labor unions, and the ongoing confidence and support of our customers and suppliers.

      Burns, who had served as Dana’s Chairman and CEO since 2004, added, “I am proud of our emergence today and what the people of Dana have accomplished during the restructuring process. Our actions were necessary for the future of the company. And we achieved our goal while maintaining a strong focus on taking care of our customers. This is the right time for a change, and I am convinced that the company and its new leadership are poised for success.”

      Dana recently named Gary L. Convis, 65, to the post of Chief Executive Officer. Convis was appointed to Dana’s new board of directors in January 2008 after retiring from Toyota Motor Corporation, where he had spent more than 20 years culminating in his role as chairman of Toyota Motor Manufacturing, Kentucky.

      “We are delighted to welcome Gary as Chief Executive Officer,” said Dana Executive Chairman John Devine, who had served as the company’s acting CEO since January. “Gary is widely respected as one of the leading experts in lean manufacturing and management systems, including the Toyota Production System. Along with his strong leadership and global industry experience, we believe he is an ideal choice as our new chief executive.”

      “I am honored by the board’s confidence in me to lead Dana,” Convis said. “I’m also eager to join with our people in establishing world-class manufacturing systems and returning this great company to the leadership ranks of the global automotive supply industry.”

      Convis comes to Dana after more than four decades spent at Toyota, General Motors Corporation, and Ford Motor Company. He became the first American president of Toyota’s largest plant outside Japan, Toyota Motor Manufacturing, Kentucky (TMMK), in 2001. He was named chairman of TMMK in 2006 and retired in 2007. Prior to this, in 2003, he was the first American manufacturing executive appointed by Toyota Motor Corporation (TMC) to be a managing officer of TMC, as well as executive vice president of Toyota Motor Engineering & Manufacturing North America, Inc. Prior to serving in these roles, Convis spent 16 years at New United Motor Manufacturing, Inc., a joint venture between GM and Toyota. Previously, he spent more than 20 years in various roles with GM and Ford Motor Company.

      Convis earned a bachelor’s degree in mathematics with a minor in physics from Michigan State University. He will continue to serve as a member of Dana’s board. He is also a board member of Cooper-Standard Automotive Inc. and Compass Automotive Group, Inc.

      Dana also announced that it has appointed James A. Yost, 59, as executive vice president and chief financial officer effective May 22. Yost comes to Dana from Hayes Lemmerz International, Inc., where he most recently served as executive vice president and chief financial Officer with responsibility for the automotive supplier’s global financial and information technology functions.

      “Gary Convis and I are pleased to welcome such a highly respected industry financial leader to our team,” said Dana Executive Chairman John Devine. “We look forward to capitalizing on Jim’s experience and strategic perspective.”

      “I’m excited to join the Dana team and to have an opportunity to play such a meaningful role in the company’s continued resurgence,” Yost added. Yost succeeds Kenneth A. Hiltz, who served as the company’s Chief Financial Officer during its Chapter 11 reorganization and recent emergence.

      Yost joined Hayes Lemmerz in 2002 after 27 years at Ford Motor Company, from which he retired in 2001 as vice president of corporate strategy. At Ford, he also held positions as vice president and chief information officer, executive director of corporate finance, general auditor and executive director of finance process and systems development, finance director of Ford Europe, and controller of Autolatina (South America).

      Yost earned a Bachelor of Engineering Science degree in computer science from the Johns Hopkins University in Baltimore, Md. He also earned a Masters of Business Administration degree in finance from the University of Chicago.

      Dana obtained $2 billion in exit financing through an effort led by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital. Despite difficult credit market conditions, the company was able to secure exit financing. The financing consists of a $650 million asset-based revolving credit facility and a $1,350 million term loan facility. Proceeds from the facility will be used by Dana to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy, and provide liquidity to fund new product programs and other investments.

      Common stock in the new company trades on the New York Stock Exchange under the symbol DAN. Shares of Dana Corporation common stock that had most recently traded over the counter under the symbol DCNAQ have been cancelled and will no longer trade.

      Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. The company’s customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce more than 70 million vehicles annually. Based in Toledo, Ohio, the company’s continuing operations employ approximately 35,000 people in 26 countries and reported 2006 sales of $8.5 billion, with more than half of this revenue derived from outside the United States.