BorgWarner Appoints James R. Verrier Chief Executive Officer
AUBURN HILLS, Mich.,
Nov. 15, 2012 /PRNewswire/
-- The BorgWarner (NYSE: BWA) Board of Directors today
announced the appointment of James R.
Verrier, 49, to president and chief executive officer
effective January 1, 2013, at which
time he will also join the Board of Directors. Effective on
the same date, current chairman and chief executive officer,
Timothy M. Manganello, 62, will
continue as executive chairman of the company until his planned
retirement at the April 24, 2013
annual meeting, at which time he will step down from the Board. The
Board also announced that at the time of Manganello's retirement,
the company's present lead director, Alexis
P. Michas, will become non-executive chairman.
Verrier has held positions of increasing responsibility during
his 23 years with the company. He currently serves as
president and chief operating officer. Previous positions
include president and general manager BorgWarner Morse TEC and vice
president and general manager BorgWarner Turbo Systems, passenger
car products based in Germany.
"I am very proud of what we have accomplished over the past ten
years. However, I feel now is the right time to turn over the
leadership of the company. James is a proven leader who will
continue to motivate our teams to deliver results. Under James'
watch, I foresee continued success by BorgWarner for many years to
come," said Timothy M. Manganello,
Chairman and CEO. "Most importantly, I want to thank all the
BorgWarner employees and our Directors for making my career at
BorgWarner very enjoyable."
"We have been consistently impressed with Tim's leadership, his
focus on technology and the industry leading performance of the
company during Tim's ten years as the CEO," said Alexis P. Michas, lead director of the company.
"The transformation that has occurred in those years is
remarkable. Sales have grown to over $7 billion, market cap has increased over six
times since 2003, and the company achieved regional and customer
diversification that is the envy of its peers. Tim led BorgWarner
to the ranks of a premier auto supplier, earned the respect of the
global industry, and has positioned the company well for continued
growth. We thank Tim for his valuable contributions and
unmatched dedication."
About BorgWarner
Auburn Hills, Michigan-based
BorgWarner Inc. (NYSE: BWA) is a technology leader in highly
engineered components and systems for powertrain applications
worldwide. Operating manufacturing and technical facilities in 57
locations in 19 countries, the company develops products to improve
fuel economy, reduce emissions and enhance performance. Customers
include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors,
Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA,
and MAN. For more information, please visit www.borgwarner.com
Statements contained in this news release may contain
forward-looking statements as contemplated by the 1995 Private
Securities Litigation Reform Act that are based on management's
current outlook, expectations, estimates and projections. Words
such as "anticipates," "believes," "continues," "could,"
"designed," "effect," "estimates," "evaluates," "expects,"
"forecasts," "goal," "initiative," "intends," "outlook,"
"plans," "potential," "project," "pursue," "seek," "should,"
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statements. 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. Such risks and uncertainties
include: fluctuations in domestic or foreign vehicle production,
the continued use by original equipment manufacturers of outside
suppliers, fluctuations in demand for vehicles containing our
products, changes in general economic conditions, as well as other
risks noted reports that we file with the Securities and Exchange
Commission, including the Risk Factors identified in our most
recently filed Annual Report on Form 10-K. We do not undertake any
obligation to update or announce publicly any updates to or
revision to any of the forward-looking statements.
SOURCE BorgWarner Inc.