Dana CEO Hospitalized As Battle For Company Continues

Dana Corporation said today that its chairman and chief executive officer, Joe Magliochetti, has been hospitalized.
The hospitalization is as a result of pancreatitis following the successful removal of a gallstone, reports the company.
The development comes at a time when ArvinMeritor and Dana are locked in a battle for control of Dana. Over the past few months, ArvinMeritor and Dana have been sparring in the courts and the media.
So far, Dana’s board has rebuffed all overtures to put the takeover bid to the shareholder body.
During Magliochetti’s period of recovery, Bill Carroll, president of the company’s Automotive Systems Group, will assume the responsibilities of acting chief operating officer.