Dana appoints R. Bruce McDonald as Chairman & CEO, plans sale of Off-Highway business

DANA Inc

Appointed R. Bruce McDonald as Chairman and CEO, effective immediately; James Kamsickas steps down as CEO.
Plan to sell Off-Highway business; engaged Goldman Sachs and Morgan Stanley as financial advisors.
Announced $200 million annualized cost reduction plan by 2026, including SG&A and engineering cuts.
Reaffirmed 2024 full-year guidance: sales $10.2-10.4B, Adj. EBITDA $855-895M, FCF $90-110M.
Mr. McDonald receives $1.3M base salary and 1,217,798 restricted stock units vesting in one year.

item 5.02 item 9.01

Executive movements

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Appointed

R. Bruce McDonald

President and Chief Executive Officer and Chairman of the Board

DAN · DANA Inc

Effective: 2024-11-25
Filed: November 25, 2024, 6:59 PM ET

the appointment of R. Bruce McDonald to the position of President and Chief Executive Officer (“CEO”) and Chairman of the Board of Directors (“Board”) of the Company, effective immediately.

Departed

James K. Kamsickas

President and Chief Executive Officer

DAN · DANA Inc

Effective: 2024-11-25
Successor: R. Bruce McDonald
Filed: November 25, 2024, 6:59 PM ET

He replaces James K. Kamsickas as CEO, who will also depart from the Board, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

R. Bruce McDonald was appointed as President and Chief Executive Officer and Chairman of the Board at DANA Inc.

Action: appointed
Role: President and Chief Executive Officer and Chairman of the Board

Exact text from the filing

the appointment of R. Bruce McDonald to the position of President and Chief Executive Officer (“CEO”) and Chairman of the Board of Directors (“Board”) of the Company, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

James K. Kamsickas departed as President and Chief Executive Officer at DANA Inc.

Action: stepped down
Role: President and Chief Executive Officer

Exact text from the filing

He replaces James K. Kamsickas as CEO, who will also depart from the Board, effective immediately.

View on SEC.gov

DANA Inc filing history →

Source: SEC EDGAR

accession 0000950142-24-002836

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