- Kevin Nowlan, Executive Vice President and CFO, to
Retire
- Craig Aaron Promoted to Executive Vice President
and CFO, Effective March 1,
2024
AUBURN
HILLS, Mich., Dec. 5, 2023
/PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) ("the Company") today
announced that Kevin Nowlan has
decided to retire as Executive Vice President and Chief Financial
Officer ("CFO") after a 28-year career in finance. Craig Aaron, BorgWarner's current Vice President
and Controller, will succeed Mr. Nowlan as Executive Vice President
and CFO, effective March 1, 2024. Mr.
Nowlan will remain with the Company in an advisory capacity through
April 1, 2024, to ensure a smooth
transition.
Frédéric Lissalde, President and Chief Executive Officer, said,
"Kevin has played an instrumental role in all of BorgWarner's
recent major strategic initiatives, ranging from the acquisition of
Delphi Technologies to the creation and execution of our
Charging Forward strategy to the spin-off of PHINIA. These
actions have fundamentally transformed BorgWarner and have driven
significant shareholder value. Kevin has built a strong finance
organization with a commitment to financial discipline that we
expect to support BorgWarner's continued success. On behalf of the
entire Board of Directors and management team, I thank him for his
contributions to our Company and for his friendship and wish him a
fantastic retirement."
Mr. Nowlan said, "I've had the tremendous opportunity to be a
public-company CFO for the last 11 years, which was my professional
goal coming out of business school. But my priorities in life have
changed. With my two wonderful daughters growing up quickly, I want
to make sure I can be more present in their daily lives for the
next few years before they head out on their own; that's what is
most important to me right now and why I'm choosing to retire. I
want to thank Fred for the opportunity he's given me and the
partnership we've had for these last few years, and I want to thank
my team for their support and dedication in helping to drive the
success of the organization. I wish BorgWarner the best as the
Company continues to 'charge forward' while I move on to the next
chapter in my life."
Mr. Aaron joined BorgWarner in 2007 and has held a number of
positions in accounting and finance, including Controller,
Treasurer, and Vice President of Finance for BorgWarner Morse
Systems. Prior to joining BorgWarner, he worked at Federal-Mogul
Corporation as a Corporate Account Manager and at Deloitte &
Touche LLP as an In-Charge Auditor. Mr. Aaron holds a Bachelor of
Arts in accounting from Michigan State
University and is a Certified Public Accountant in the
State of Michigan.
"Throughout his 15-year tenure with BorgWarner, Craig has worked
in various Finance roles, including holding executive positions in
our businesses and at corporate levels," said Mr. Lissalde. "He
very adeptly helped to oversee management of our balance sheet
during challenging market environments over the last few years,
while simultaneously finding ways for the Company to support the
financing of key acquisitions critical to the success of
Charging Forward. Most recently, he was deeply involved in
helping successfully execute the PHINIA spin-off by leading the
separation of the financial operations of the two companies. We're
confident Craig has the right skills, coupled with his deep
knowledge of BorgWarner and our industry, to help carry us into our
next chapter of growth."
"It is my great privilege to step into the role of CFO,"
said Mr. Aaron. "I am confident we have the right strategy and that
we will continue to capitalize on profitable growth opportunities
as our industry transitions towards electrification, which we
expect will drive long-term value creation for our shareholders and
customers alike. I look forward to working with Fred and the
leadership team, while leading our talented finance team, in
seeking to deliver sustained growth and top-quartile margins within
our industry. I've also benefited from working closely with Kevin
for almost five years, which will help ensure a smooth
transition."
About BorgWarner
For more than 130 years, BorgWarner
has been a transformative global product leader bringing successful
mobility innovation to market. Today, we're accelerating the
world's transition to eMobility – to help build a cleaner,
healthier, safer future for all.
Forward-Looking Statements: This press release
contains forward-looking statements as contemplated by the 1995
Private Securities Litigation Reform Act (the "Act") that are based
on management's current outlook, expectations, estimates and
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historical fact contained or incorporated by reference in this
release, that we expect or anticipate will or may occur in the
future regarding our financial position, business strategy and
measures to implement that strategy, including changes to
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our business and operations, plans, references to future success
and other such matters, are forward-looking statements. Accounting
estimates, such as those described under the heading "Critical
Accounting Policies and Estimates" in Item 7 of our most
recently-filed Annual Report on Form 10-K ("Form 10-K"), are
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based on assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate under the circumstances.
Forward-looking statements are not guarantees of performance, and
the Company's actual results may differ materially from those
expressed, projected, or implied in or by the forward-looking
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You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this release.
Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our
control, that could cause actual results to differ materially from
those expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others, include
supply disruptions impacting us or our customers, such as the
current shortage of semiconductor chips that has impacted original
equipment manufacturer ("OEM") customers and their suppliers,
including us; commodity availability and pricing, and an inability
to achieve expected levels of recoverability in commercial
negotiations with customers concerning these costs; competitive
challenges from existing and new competitors including OEM
customers; the challenges associated with rapidly changing
technologies, particularly as they relate to electric vehicles, and
our ability to innovate in response; the difficulty in forecasting
demand for electric vehicles and our electric vehicles revenue
growth; potential disruptions in the global economy caused by
Russia's invasion of Ukraine; the ability to identify targets and
consummate acquisitions on acceptable terms; failure to realize the
expected benefits of acquisitions on a timely basis; the
possibility that our recently-completed tax-free spin-off of our
former Fuel Systems and Aftermarket segments into a separate
publicly traded company will not achieve its intended benefits; the
failure to promptly and effectively integrate acquired businesses;
the potential for unknown or inestimable liabilities relating to
the acquired businesses; our dependence on automotive and truck
production that is highly cyclical and subject to disruptions; our
reliance on major OEM customers; the extent, duration, and impact
of the labor strikes and future strikes involving some of our OEM
customers and any actions such OEM customers take in response;
fluctuations in interest rates and foreign currency exchange rates;
our dependence on information systems; the uncertainty of the
global economic environment; the outcome of existing or any future
legal proceedings, including litigation with respect to various
claims, or governmental investigations, including related
litigation; future changes in laws and regulations, including, by
way of example, taxes and tariffs, in the countries in which we
operate; impacts from any potential future acquisition or
disposition transactions; and the other risks, noted in reports
that we file with the Securities and Exchange Commission, including
Item 1A, "Risk Factors" in our most recently-filed Form 10-K and/or
Quarterly Report on Form 10-Q. We do not undertake any obligation
to update or announce publicly any updates to or revisions to any
of the forward-looking statements in this release to reflect any
change in our expectations or any change in events, conditions,
circumstances, or assumptions underlying the statements.
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SOURCE BorgWarner