Dana’s board of directors has initiated a process that will evaluate both internal and external candidates in order to select the best possible successor. The company has engaged Spencer Stuart Inc., a global executive search consulting firm, to assist in this process.

Wood will be an integral part of the succession process. “Having completed a transformation plan in which we realigned our capital structure, implemented a lean and focused operating model across the enterprise, and steadily increased our investment in engineering and innovation, Dana is on a path for consistent shareholder value creation,” Wood said. “Dana’s employees and experienced leadership team have demonstrated remarkable tenacity and agility in transforming our global enterprise and creating the foundation for sustainable, profitable growth.

“We are looking forward to another year of significant achievements. I am proud of what we’ve accomplished and confident in our prospects as we move toward the next chapter for our customers, employees and shareholders,” he added.

Joseph Muscari, Dana’s non-executive chairman, commented, “Roger has provided strong leadership, guiding the company through a challenging economic environment and resetting our strategic direction to create an efficient, highly innovative and rigorous competitor. We look forward to his continuing stewardship in the year ahead and to his active participation in the succession process to ensure the smoothest possible transition.”