BUZZ-Shares of Dana rise on CEO appointment, cost-cutting plans

Reuters

Nov 26, 2024

** Shares of auto parts supplier Dana Inc DAN.N up 3.8% at $9.2 aftermarket

** Dana appoints Bruce Mcdonald as chairman and CEO following the retirement of CEO James Kamsickas

** DAN announces plan to sell its Off-Highway business that provides drive and motion systems for heavy-duty vehicles

** Initiates $200 mln cost reduction plan, expects annualized savings of $200 mln by 2026

** "This includes substantial reductions in selling, general & administrative costs across all the Company's businesses and engineering expenses to match current industry dynamics, including the ongoing delay in the adoption of electric vehicles" — Dana

** Reaffirms its previously announced FY 2024 outlook range for sales of $10.2 bln to $10.4 bln

** Up to Monday's close, stock had fallen ~39% this year

(Reporting by Kannaki Deka)

((Kannaki.Deka@thomsonreuters.com))

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