Dana Announces Leadership Transition and Actions to Accelerate Value Creation

Core Points - Dana Incorporated has appointed R. Bruce McDonald as Chairman and CEO following the retirement of James Kamsickas, who will remain as an advisor until March 2025 [1][2] - The company plans to sell its Off-Highway business to unlock substantial value for shareholders and streamline its focus on light and commercial vehicle markets [3][4] - Dana has initiated a $200 million cost reduction plan aimed at enhancing long-term profitability and cash flow generation [5][6] - The company reaffirms its 2024 full-year guidance for sales between $10.2 billion and $10.4 billion, adjusted EBITDA of $855 million to $895 million, and free cash flow of $90 million to $110 million [7] Leadership Transition - R. Bruce McDonald brings over 30 years of experience in the automotive and manufacturing industries, having served on Dana's Board since 2014 [8][9] - The Board is conducting a search for a permanent CEO while McDonald oversees the company's transformation [2][6] Business Strategy - The Off-Highway business sale is expected to strengthen Dana's balance sheet and allow for a more focused approach on its remaining product portfolio [3][5] - The company aims to achieve annualized savings of approximately $200 million by 2026 through reductions in selling, general, and administrative costs [5][6] Financial Outlook - Dana's reaffirmed guidance for 2024 includes projected sales of $10.6 billion, with a focus on maintaining adjusted EBITDA margins and free cash flow margins above current levels [7][13]