MAUMEE, Ohio—Dana Inc. added two seats to its board of directors, making room for Icahn Capital representatives Brett Icahn and Gary Hu, both of whom are portfolio managers. The two will join the board immediately and stand for election at Dana's 2022 Annual Meeting of the Shareholders.
Dana expands board of directors with two Icahn Capital appointments
Icahn Capital holds 9.9 percent of Dana's outstanding stock, an investment initially disclosed in the fourth quarter of 2020. Icahn Capital has pledged to support Dana's slate of director nominees at the 2022 Annual Meeting of Shareholders and has agreed to other customary standstill provisions.
"Dana has made significant advancements as a forward-thinking mobility company, and we appreciate Icahn Capital's support and constructive engagement as we continue to execute our strategic plan," James Kamsickas, Dana chairman and CEO, said a news release. "Our ongoing board refreshment reflects a commitment to best-in-class corporate governance, and this agreement brings a direct shareholder perspective to the boardroom to support our long-term goal of sustainable value creation. We look forward to working with Brett and Gary to advance our efforts."
With the appointments, the board of directors temporarily expands its number of seats to 12. Raymond Mabus Jr. is set to retire at the 2022 annual meeting, which will bring the number of board seats to 11.
"Since our initial investment in Dana over a year ago, we have had productive conversations with Jim and recognize the progress the company has made, even in the face of the current operating challenges," Icahn Capital Chairman Carl Icahn said in a statement. "We believe Dana's management has positioned the company to capture significant market opportunities ahead, especially with respect to electrification in mobility."
Maumee-based Dana designs and manufactures propulsion and energy management solutions for vehicles and machines across a range of mobility markets. Its products include thermal, sealing and digital solutions as well as drive and motion systems, electrodynamic technologies, and software and controls.
Dana, which operates in 33 countries, reported $7.1 billion in sales in 2020.
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