Board member, identified as Dana, assumes the role of interim CEO
In a significant move, automotive supplier Dana has appointed Bruce McDonald as its interim CEO, following the retirement of James Kamsickas last month. The announcement was made in a press release issued on November 25, 2022.
McDonald, who previously served as vice chairman, EVP, and CFO at equipment manufacturer Johnson Controls, will also be joining Dana's board. He will earn a base salary of $1.3 million and stock options, according to the press release.
Kamsickas, who led Dana for nine years, oversaw a period of significant growth. Under his leadership, Dana's sales grew by 80%. In a statement, Kamsickas expressed his pride in the work the Dana team had done over the past decade, stating, "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."
In addition to his new role, Kamsickas will also continue in an advisory role with Dana. According to a securities filing, he will be paid a daily rate of $4,000 and a monthly rate of $114,917 in this capacity. Kamsickas will remain in this advisory role through March 31, 2025.
As part of its cost-reduction efforts, Dana plans to sell its off-highway division, which provides parts for heavy-duty, industrial vehicles like those used in agriculture and construction.
McDonald's appointment comes as Dana seeks a new permanent CEO. The name of the Executive Search Firm that Dana engaged for the CEO search is not mentioned in the available search results.
Dana's high-profile customers include Ford and Stellantis. The company's products play a crucial role in the operation of these and other automotive giants. With McDonald at the helm, Dana is poised to continue its growth and innovation in the automotive industry.
It is worth noting that McDonald himself retired as chairman and CEO of automotive seating company Adient in June 2018. His experience and expertise in the automotive sector make him an ideal choice for leading Dana during this transitional period.
McDonald will retain his board seat after a permanent CEO is named. The search for a new leader is sure to be a closely watched event in the automotive industry, as Dana continues to shape its future under McDonald's guidance.
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