Long-time executive Bruce McDonald was named chairman and interim CEO of automotive supplier Dana, according to a Nov. 25 press release.
McDonald will lead the company and aid in the search for a new chief executive to permanently succeed James Kamsickas, who retired last month, Dana said. Kamsickas will remain in an advisory role through March 31, 2025, according to a securities filing.
McDonald, a Dana board member, retired as chairman and CEO of automotive seating company Adient in June 2018. He also served as vice chairman, EVP and CFO at equipment manufacturer Johnson Controls, from which Adient was formed.
According to the regulatory filing, McDonald will earn a $1.3 million base salary and stock options. In his advisory role, Kamsickas will be paid a $4,000 daily rate and a monthly rate of $114,917, per the filing.
Dana has hired an executive search firm to help it find a new leader for a company whose high-profile customers include Ford and Stellantis. McDonald will retain his board seat after a permanent CEO is named, the company said.
Kamsickas was CEO at Dana for nine years and saw the company’s sales grow 80% during his tenure.
“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 a statement.
Dana plans to streamline operations and reduce costs, which includes selling its off-highway division that provides parts for heavy-duty, industrial vehicles like those used in agriculture and construction.
