The parent to truck component manufacturer Dana Spicer, Dana Holding Corp., on Tuesday announced President and CEO Roger J. Wood has told the company's board of directors he plans to retire in April 2016, after five years of leadership at the company.

The Dana board said it has started a process to evaluate both internal and external candidates, according to the company, with Wood being involved in the succession process.

"Roger has provided strong leadership, guiding the company through a challenging economic environment and resetting our strategic direction to create an efficient, highly innovative, and rigorous competitor,” said Joseph C. Muscari, Dana's non-executive chairman. “We look forward to his continuing stewardship in the year ahead and to his active participation in the succession process to ensure the smoothest possible transition."

Dana also announced on Tuesday its preliminary 2014 financial results showing sales for the year totaled $6.6 billion with adjusted earnings before interest, taxes, depreciation and amortization of $745 million. It also recorded an adjusted EBITDA margin of 11.3%, the sixth consecutive year of improved margin performance.

For 2015 it is expecting sales of $6.7 billion to $6.8 billion with adjusted EBITDA of $760 million to $780 million.