MAUMEE, Ohio — Maumee-headquartered business Dana Incorporated announced the appointment of a new CEO Monday, according to a news release that also detailed its plans to reduce costs.
Dana named R. Bruce McDonald as the company's new CEO. The new appointment is effective immediately. McDonald was a member of the Dana Board of Directors prior to his appointment.
McDonald replaced the company's previous CEO, James Kamsickas, who retired from the position but plans to remain an advisor during the transition, Dana 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," Kamsickas said in the press release. "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."
In addition to the leadership change, Dana announced several other changes in the company.
Dana said it also has plans to sell its Off-Highway business, which it said provides drive and motion systems for industrial vehicles.
The company said proceeds from a sale, should it happen, would "enable Dana to strengthen its balance sheet".
Additional cost reduction at Dana will come from "substantial reductions in selling, general and administrative costs" across all of Dana's business and engineering expenses, according to the press release. It said it anticipates the reduction to generate a savings of $200 million by 2026.
The company also said it is projecting sales of $10.2 to $10.4 billion by the end of 2024.
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