ArvinMeritor President and COO Terry O'Rourke is resigning from his position as well as from the Board to pursue opportunities outside of the company, the company said in a statement. The COO position will be eliminated.
News of the departure came the same day that the company reported a profit drop in the last quarter after it booked a charge for its unsuccessful attempt to buy Dana Corp. The company took a charge of $16 million, or 9 cents a share, for the derailed Dana Corp. buyout. The company reported net income of $19 million, or 28 cents a share, for the first quarter ended Dec. 31, compared with $32 million, or 47 cents a share, a year ago.
Fourth quarter sales climbed 28 percent to $2.18 billion from $1.71 billion last year boosted by favorable foreign exchange rates, the company reported.
O'Rourke joined the organization as president of the company's Light Vehicle Systems (LVS) business group in March 1999, from a position as group vice president and president of Lear Corporation's Ford Division. O'Rourke was named ArvinMeritor COO and a member of the Board of Directors in May 2002.
