US: Dana names chief restructuring officer
Dana has named Ted Stenger as chief restructuring officer, reporting directly to chairman and CEO Mike Burns.
"Ted's primary responsibilities will include communicating with our creditors during our reorganisation, as well as many other key elements of the Chapter 11 process. He will also work closely with our senior management team as we develop our reorganisation plan to emerge from Chapter 11 as a strong company and a vigorous competitor in the automotive industry," said Burns.
Stenger was most recently chief restructuring officer at consumer packaged goods firm Fleming Companies. His previous restructuring assignments have included treasurer at discount retailer Kmart, restructuring advisor to automotive transportation and logistics provider Allied Holdings, financial advisor to apparel company Fruit of the Loom and restructuring advisor at commercial financial services company FINOVA Group.
Stenger is a managing director of AlixPartners, a financial advisory firm specializing in performance improvement and corporate turn-arounds, where he is co-leader of the firm's turn-around and restructuring practice. Prior to joining AlixPartners, he was in the corporate finance group of Ernst & Young.
Dana previously announced that its chief financial officer Robert Richter has retired from the company.