Dana Corporation (fka DCNAQ)

[Soapy Bubbles]

Dana to name former auto exec Devine as chairman

http://www.reuters.com/article/marketsNews/idINN0963923020080110?rpc=44

NEW YORK, Jan 9 (Reuters) - Bankrupt car and truck parts maker Dana Corp (DCNAQ.PK: Quote, Profile, Research) will name John Devine as its chairman when the company emerges from bankruptcy, the Wall Street Journal said on Wednesday, citing multiple people familiar with the situation.

Devine is a former chief financial officer at both General Motors Corp. (GM.N: Quote, Profile, Research) and Ford Motor Co (F.N: Quote, Profile, Research).

The company could not be reached for comment. A spokesman told the Journal that it had not yet reached a decision on a chairman.

Last month, Dana said Devine and seven others would serve on its board with Chief Executive Mike Burns when the company's plan of reorganization becomes effective. It said then that Burns would continue to serve as CEO, but another person would hold the chairmanship.

The Toledo, Ohio-based company, which filed for Chapter 11 protection in New York in March 2006, plans to emerge later this month with the support of a $790 million equity investment led by private equity firm Centerbridge Capital Partners.

Dana's customers include major automakers, such as General Motors, Toyota Motor Corp (7203.T: Quote, Profile, Research), Ford, Chrysler LLC and Nissan Motor Co. (7201.T: Quote, Profile, Research)

Dana supplies a range of auto components including vehicle frames, axles and driveshafts. (Reporting by Michael Erman; Editing by Ben Tan)