February 10, 2004 10:00 AM, EST

ArvinMeritor Chairman, CEO Yost to Retire

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ehicle parts maker ArvinMeritor Inc. said Chairman and Chief Executive Officer Larry Yost plans to retire when a successor is found, news services reported.

This announcement came two weeks after Terry O'Rourke, ArvinMeritor's president and chief operating officer, resigned to pursue opportunities outside the company. (Click here for previous coverage.)

Yost has held his positions since Meritor Automotive Inc. and Arvin Industries Inc. merged in 2000. He was a driving force behind last year's attempted hostile takeover of rival Dana Corp, the Associated Press reported.

ArvinMeritor ended the $2.67 billion bid in November after Dana's board unanimously rejected a fourth offer.

ArvinMeritor last month reported fiscal first-quarter net income of $19 million, or 28 cents a share, down from $32 million, or 47 cents a share, in the year-ago period.

The company took a $16 million pretax charge for the failed Dana takeover, offset partly by a $7 million pretax gain on the sale of Dana stock owned by ArvinMeritor.