Dana Incorporated announced the appointment of R. Bruce McDonald, a member of the Dana Board of Directors, as Chairman and CEO, effective immediately. Mr. McDonald’s appointment follows the retirement of James Kamsickas as Chief Executive Officer and his departure from the Board. Mr. Kamsickas will remain as an advisor to the Company through March 2025 to support the transition. The Board has retained a leading executive search firm to identify the Company’s next permanent CEO.

Keith Wandell, Dana’s Lead Independent Director, said, “Jim is an exceptional leader with more than 18 years as a CEO in the industry. He led Dana through one of the industry’s most challenging periods while successfully building a high-performance culture, enabling a world-class manufacturing company and assembling a portfolio of leading products and technologies. The Board and Jim agreed that now is the right time to transition the leadership of Dana, and we thank Jim for his many contributions over his nine years leading the Company and wish him all the best.”

Mr. Kamsickas said, “I am proud of the work the Dana team has done over the past decade to grow revenues and successfully enhance the technology to serve all mobility markets no matter what type of propulsion they may use. It has been an honor to lead this talented global team during that time and I am confident the Company is well positioned for the future.

Mr. Wandell continued, “We continue to have confidence in the long-term opportunity in the mobility industry, however it is undergoing a significant transformation, including protracted cost pressures and demand uncertainty. To address these challenges and deliver more value to customers and shareholders, Dana is taking action to streamline the business, unlock the value of its Off-Highway business and further reduce costs. Bruce is an experienced public company CEO in our industry with significant M&A expertise, and we are confident that he is the right person to oversee this transformation while the Board conducts a search for a permanent successor.”

Dana plans to sell Off-Highway business

Dana also announced it has engaged financial advisors Goldman Sachs and Morgan Stanley to sell its Off-Highway business, which the Board believes will unlock substantial value for shareholders. The Off-Highway business 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. Proceeds from a potential sale will enable Dana to strengthen its balance sheet through substantially reduced leverage, and to return capital to shareholders.

While the Company and its advisors believe there is strong interest in the Off-Highway business, there can be no assurance that the sale process for Off-Highway will result in a transaction.

Furthermore, the Company plans to reduce capital spending to reflect the revised market demand for electric vehicles.

Highlights

AS Labruna launches the HEVOlution range of hybrid generators

The first model in the range, HEVOlution 80-37, made its world debut at the Metstrade in Amsterdam, the most prestigious international trade fair for nautical components, representing a decisive step towards innovative and environmentally friendly energy solutions.

Diesel of the Year 2025: dawn of the Hyundai DX05 & DX08

The Korean star is also reflected in the Diesel of the Year. South Korea is in the empire of industrial powers, cinema in the author anthology, K-pop in the playlist of teenagers. The 2025 edition is about Hyundai Infracore DX, 4- and 6-cylinder modular (BxS 110x132 mm), which have what it takes to ...

Alternative Engine Award: FPT under the sign of multi-fuel

An award that seems tailor-made for the XC13 by FPT Industrial. It is the Alternative Engine Award. The 13-litre has always been the star of the Cursor family and in the new X version it has been applied since its birth to IVECO trucks and, in the hydrogen version, has been on the ski slopes for thr...

Related articles

Aramco completes acquisition of stake in Horse Powertrain

Following the signing of definitive agreements in June, Aramco has completed its acquisition of a 10% equity stake in Horse Powertrain. Renault Group and Geely each retain a 45% equity stake. Aramco’s investment is expected to accelerate Horse Powertrain’s efforts to develop next-generation ICE and ...
News

Scania appoints Do Young Kim as Chief Financial Officer

Do Young Kim, currently CFO for International, has been appointed as the new Chief Financial Officer for Scania Group and a member of the Executive Board, reporting to CEO Christian Levin. He is due to assume the position on 1 February 2025.
News

Cummins reports strong third quarter 2024 results

“We achieved strong sales and profitability in the third quarter, led by improvement in our Power Systems and Distribution businesses, and have adjusted our full year projection for EBITDA percentage to be at the top end of the prior range,” said Jennifer Rumsey, Chair and CEO of Cummins.
News