SAN FRANCISCO (MarketWatch) — The head of Dana Corp.’s automotive group, which has struggled under the weight of mounting raw material costs and lower vehicle production, resigned earlier this week, according to a company filing on Friday.
Michael Burns, the chairman and chief executive of Dana
will take over the post vacated by James Laisure on an interim basis. A spokesman for Dana declined to elaborate other than to say Laisure “is retiring to pursue other opportunities.”
The automotive system division made up almost 75% of the company’s $9.1 billion in sales in 2004.
Shares of Dana fell along with the broader market, down 5% to close at $10.96 after touching on a fresh 52-week low of $10.90 earlier in the session.
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