By Sabela Ojea
Dana said CEO and Chairman James Kamsickas retired after nearly a decade and it named Bruce McDonald his successor while it initiates a cost-cutting strategy and explores the sale of a unit.
The provider of power-conveyance and energy-management solutions on Monday said that it is working with an hiring firm to identify its next permanent CEO.
McDonald is a board member at Dana, where he serves on the audit committee and as chair of the nominating and corporate-governance committee.
The company also said that it aims to sell its off-highway business, which provides drive and motion systems for heavy-duty vehicles in markets such as agriculture, materials handling, mining, construction and forestry.
"A sale will position Dana with a streamlined go-to-market approach focused on serving its light and commercial vehicle customers, with traditional and electrified products that are largely shared across the remaining portfolio," the company said.
The decision comes as Dana looks to substantially reduce its selling, general and administrative expenses through measures that include the continuing delay in the adoption of electric vehicles.
Dana expects to deliver annualized savings of approximately $200 million by 2026, and to reduce capital spending to reflect the revised market demand for electric vehicles.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
November 25, 2024 17:14 ET (22:14 GMT)
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