Dana Holding Corp. on Thursday, Nov. 4, announced that James Sweetnam, president and chief executive officer, has resigned by mutual agreement with Dana’s board of directors. John M. Devine, executive chairman, will serve as interim CEO while the board conducts a search for a permanent successor. A search committee led by director Richard Wallman will conduct the search with the assistance of a leading executive search firm.
“Dana has an excellent team that has shown great resilience and dedication, and I am proud of what we accomplished together,” Sweetnam says. “I am confident that Dana is in good hands and has a bright future.”
Devine has played a leadership role at Dana since 2008. In addition to serving as executive chairman of the board since that time, he also has previously served as CEO. Devine has held senior executive positions during a more than 30-year career in the automobile industry, including vice chairman and chief financial officer of General Motors and CFO of Ford Motor Co.
“The Board appreciates Jim’s service to Dana,” says Keith Wandell, lead independent director. “He helped lead the company through a difficult period, and we thank him for his efforts. At this juncture, the board has concluded that new leadership is appropriate to take Dana to the next level. We wish Jim well in his future endeavors.”
Wandell describes Devine as “a proven leader with deep knowledge of our company and the industry, and he has played a key role in positioning Dana for growth and delivering value to shareholders. He has guided the development of Dana’s current goals and direction, which will help to ensure continuity and progress. He is the ideal person to have at the helm during this management transition.”
