Fallbrook Technologies Inc. has announced that Roger Wood, former CEO of Dana Holding Corp., will become the new CEO and chairman of the board for the privately held developer and licensor of the patented NuVinci continuously variable planetary (CVP) transmission technology. Wood is credited with driving significant improvements in Dana’s performance and profitability and is widely recognized as one of the leading figures in the automotive supply industry. Wood drove the decision at Dana to license the NuVinci technology in 2012.
“I have seen this company grow from an idea to a reality where Fallbrook’s transformational technology can revolutionize multiple industries,” said Wood. “We are closer than ever to a future where NuVinci is the mechanical standard to improve any system with an engine, pump, motor or geared transmission system.”
Wood’s first act as Fallbrook CEO will be to implement a financial restructuring that substantially reduces debt service and recapitalizes the company. The restructuring will be achieved through a Chapter 11 reorganization. In connection with the filing, the company entered into a Restructuring Support Agreement with some of its largest creditors to support a Plan of Reorganization. In addition, subject to Bankruptcy Court approval, Fallbrook has an agreement to secure debtor-in-possession financing as well as post-exit financing.
“This restructuring will best position Fallbrook to grow the NuVinci CVP technology and expand our community of licensees. We are thankful to our dedicated employees who remain focused on the advancement of Fallbrook’s innovative and unique technologies supporting applications across multiple markets.
“I thank my predecessor, William Klehm for his efforts and dedication to the company,” added Wood. “I look forward to my new role at Fallbrook.”
Prior to his new role as CEO of Fallbrook Technologies, Wood served as president and CEO of Dana Holding Corp. from April 2011 until his retirement in August 2015. He also served on the Dana board of directors through a transition period and exited the board at the end of 2015. He is a familiar face to Fallbrook, joining the Fallbrook board of directors in January 2016.
Before Dana, Wood worked at BorgWarner for 26 years, moving through several successive manufacturing management and business development roles responsible for operations throughout most of the world. He was named executive vice president in 2009, and group president for the Engine Group in 2010. During his tenure, BorgWarner’s Engine Group aligned the operating model and achieved market leading technology recognition, superior growth acceleration and segment leading profitability.
Wood holds a bachelor’s degree in engineering technology from State University College in Buffalo, New York, and a master of business administration degree from Syracuse University. He is a member of the board of directors of Brunswick and Tenneco. He also is a fellow of the National Association of Corporate Directors and previously served as a member on the advisory board for the University of Michigan Biological Station in Northern Michigan.