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 fiscal first quarter ended Dec 31, 2003, compared with $32 million, or 47 cents a share, a year ago.
Sales in the fiscal first 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.