Dana Corp. Legend Morcott Announces Retirement

Former CEO and current Dana Corp. chairman Southwood J. "Woody" Morcott will retire from the company in April. Morcott will retire with nearly 37 years of service to the company, the last 10 as chairman. He served as CEO from 1989 to 1999 before turning over the top seat to Joseph M. Magliochetti, a 33-year Dana veteran who also serves as president. During Morcott's tenure, Dana has more than doubled in size from a company with less than $5 billion in sales to a company expecting sales of more than $13 billion in 1999. The company has reported record sales each year since 1993 and record profits every year since 1992. In the 1990s the company's sales have had a compound annual growth rate of more than 12% on a nonpooled basis. Since Morcott was named chairman, the company has completed about 50 acquisitions and joint ventures.