BUZZ-Shares of Dana rise on CEO appointment, cost-cutting plans
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Shares of Dana Incrose 3.8% following the appointment of Bruce McDonald as chairman and CEO, succeeding James Kamsickas. The company announced plans to sell its Off-Highway business and initiated a cost reduction plan aiming for annualized savings of $100 million by 2026. This includes significant cuts in selling, general, and administrative costs, as well as engineering expenses. Dana reaffirmed its FY 2024 sales outlook of $2.2 billion to $2.4 billion, despite a 39% decline in stock value this year.
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