Terry O'Rourke, president and chief operating officer of ArvinMeritor, is resigning from his position as well as from the board of directors 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 past 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 fiscal quarter ended Dec 31, 2003, compared with $32 million, or 47 cents a share, a year ago.
Sales for the quarter ended Dec 31, 2003, climbed 28% to $2.18 billion from $1.71 billion a year ago, 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 Corp's Ford Division. O'Rourke was named ArvinMeritor COO and a member of the board of directors in May 2002.