Dana appoints new CEO, outlines cost saving measures
seekingalpha
26 Nov 2024
Dana Incorporated (NYSE:DAN) announced the appointment of R. Bruce McDonald, a member of the Dana Board of Directors, as Chairman and Chief Executive Officer, effective immediately.
McDonald's appointment follows the retirement of James Kamsickas as Chief Executive Officer and his departure from the Board.
Dana has engaged financial advisors Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC to sell its Off-Highway business.
The company announced further actions to support sustained long-term profitability and enhanced cash flow generation including reductions in selling, general & administrative costs across all the businesses and engineering expenses to match current industry dynamics.
The company expects to deliver annualized savings of approximately $200M by 2026.
Furthermore, the company plans to reduce capital spending to reflect the revised market demand for electric vehicles.
Dana is also reaffirming its previously announced guidance ranges for sales of $10.2B to $10.4B, Adjusted EBITDA of $855M to $895M and free cash flow of $90M to $110M for full year 2024.
Source: Press Release
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