August 29, 2012 / 1:55 PM / in 5 years

UPDATE 1-David Dauch to succeed father as American Axle CEO

Aug 29 (Reuters) - American Axle and Manufacturing Holdings Inc said it named David Dauch for the top job at the U.S. auto parts supplier from Sept. 1.

David Dauch would succeed his father Richard Dauch, who founded the company in 1994.

Richard Dauch would become executive chairman of the company’s board.

RBC Capital Markets analyst Joseph Spak said the succession was expected even though the timing was always a little uncertain.

“David Dauch has increased his visibility and exposure over the years and we believe the Street is very familiar and comfortable with him,” Spak added.

The company reported sharply lower quarterly earnings in July, hurt by costs related to the closing of plants in Michigan and New York. Margins were down on higher costs for steel and other components.

Shares of the company were trading almost flat at $10.94 on the New York Stock Exchange on Wednesday morning.

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