Automotive supplier Dana announced on November 25 that Bruce McDonald, a seasoned executive and current board member, has been appointed as chairman and interim CEO. The company stated that McDonald will oversee operations while facilitating the search for a permanent successor to James Kamsickas, who retired in October. Kamsickas is set to remain as an advisor until March 31, 2025, according to a regulatory filing.
McDonald brings extensive experience to his interim role, having served as chairman and CEO of Adient, an automotive seating company, until his retirement in 2018. Before that, he held key positions, including vice chairman, executive vice president, and CFO at Johnson Controls, the parent company from which Adient was spun off.
As outlined in the filing, McDonald’s compensation includes a $1.3 million base salary and stock options. Kamsickas, during his advisory tenure, will receive a daily rate of $4,000 and a monthly payment of $114,917.
Dana disclosed that an executive search firm has been engaged to identify its next CEO. The company confirmed that McDonald would retain his board seat after the appointment of a permanent chief executive. Dana serves prominent clients such as Ford and Stellantis.
During his nine-year tenure as CEO, Kamsickas presided over an 80% increase in Dana’s sales. Reflecting on his leadership, Kamsickas expressed pride in the team’s achievements over the past decade, highlighting efforts to expand revenues and innovate technologies to meet the needs of diverse mobility markets.
Looking ahead, Dana is focusing on streamlining its operations and cutting costs. The plan includes divesting its off-highway division, which manufactures components for heavy-duty industrial vehicles used in agriculture and construction.
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