05:13 PM EST, 11/25/2024 (MT Newswires) -- Dana (DAN) said Monday it appointed Bruce McDonald as chairman and chief executive, effective immediately.

McDonald succeeds CEO James Kamsickas, who is retiring, according to the company.

The company said it is cutting sales, general, administrative, and engineering costs, and plans annualized savings of $200 million by 2026.

Dana reaffirmed its full-year 2024 sales guidance in the range of $10.20 billion to $10.40 billion. Analysts polled by FactSet expect $10.37 billion.

Shares of the company were up 3.8% in recent after-hours activity.