The US provider of energy and propulsion solutions, Dana Inc., announced extensive restructuring measures on Monday, including a CEO change and the planned sale of its off-highway division. The aim is to make the company more efficient and achieve annual savings of around $200 million by 2026.

James Kamsickas, who led the company for almost a decade, has resigned with immediate effect. Bruce McDonald, currently a member of Dana's board of directors and chairman of the Nominating and Corporate Governance Committee, will take on the role of CEO and chairman on an interim basis. Dana announced that it is seeking a permanent successor with an external personnel consultancy.

As part of its realignment, Dana plans to sell its off-highway business, which offers drive and motion systems for heavy-duty vehicles in sectors like agriculture, mining, and construction. Through the sale, the company aims to focus its activities on light and commercial vehicles, particularly on electrified and conventional products applicable in these areas.

A sale will position Dana with a leaner market strategy and strengthen the focus on our core customers in the light and commercial vehicle sectors," the company stated.

In addition to the sale of the division, Dana has initiated measures to reduce sales, administrative, and overhead costs.

Dana assumes that the savings will be fully effective by 2026 and the company will be better aligned with market requirements in the long term.