After declaring Chapter 11 for Dana Corporation's American operations just last week, the Tier-1 supplier had to run out and find themselves a chief financial officer, as Robert Richter retired two days prior to the firm's date with bankruptcy. And the company hasn't waited any time, pulling the trigger on hiring Kenneth Hiltz, financial advisory firm AlixPartner's managing director.

In other news, Richter will still receive $35,000/month for his consulting services with the partsmaker for one year.

[Source: The Associated Press via San Jose Mercury News]

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