BorgWarner Appoints John R. McKernan Jr. to Board of Directors
29 Juillet 2009 - 11:36PM
PR Newswire (US)
AUBURN HILLS, Mich., July 29 /PRNewswire-FirstCall/ -- BorgWarner
(NYSE: BWA) announced today that John McKernan, 61, has been named
to its board of directors. Former Maine Governor John McKernan
serves as Chairman of the Board of Directors of Education
Management Corporation (EDMC). Education Management, with over
110,000 students as of Fall 2008, 20,000 employees, and $1.7
billion in revenue, is among the largest providers of
post-secondary education in North America. "John McKernan brings a
strong business and government background to our board of
directors," said Timothy M. Manganello, Chairman and CEO. "His
experience will provide new perspective as we continue to
strengthen and grow our company." As CEO, McKernan led the
successful effort to take Education Management private in June 2006
in a $3.4 billion transaction with a consortium headed by Goldman
Sachs Capital Partners, Providence Equity Partners, and Leeds
Equity Partners. Since 1995, Governor McKernan has served as
Chairman and CEO of consulting and investment firms McKernan
Enterprises, Inc. and Nottingham Equity, Inc. in Portland, Maine.
From 1995 until 1999, he served on the Board of the Bear Stearns
Mutual Funds. He also served as Chairman of the Boards of C.F.
Hathaway and of Jolly Gardener Products, Inc. He served his native
state of Maine for two terms in the United States Congress from
1983 to 1987 and then as Governor for two four-year terms from 1987
to 1995. During his two terms as Governor of Maine, Governor
McKernan won national recognition for leadership and innovation in
education and human resources. He and his wife, U. S. Senator
Olympia J. Snowe (R-Maine), reside in Falmouth, Maine and
Washington, D.C. Auburn Hills, Michigan-based BorgWarner Inc.
(NYSE:BWA) is a product leader in highly engineered components and
systems for vehicle powertrain applications worldwide. The FORTUNE
500 company operates manufacturing and technical facilities in 60
locations in 18 countries. Customers include VW/Audi, Ford, Toyota,
Renault/Nissan, General Motors, Hyundai/Kia, Daimler, Chrysler,
Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet address
for BorgWarner is: http://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 expectations, estimates and
projections. Words such as "outlook", "expects," "anticipates,"
"intends," "plans," "believes," "estimates," variations of such
words and similar expressions are intended to identify such
forward-looking 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 of outside suppliers, fluctuations in demand for
vehicles containing our products, changes in general economic
conditions, and other risks detailed in our filings 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 any forward-looking
statements. DATASOURCE: BorgWarner Inc. CONTACT: Erika Nielsen,
+1-248-754-0422, for BorgWarner Inc. Web Site:
http://www.borgwarner.com/
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