• Company Also Establishes New Business Unit
Structure
AUBURN
HILLS, Mich., May 30, 2024
/PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) today announced that
Joseph Fadool, current Vice
President of BorgWarner Inc. and President and GM, Emissions,
Thermal and Turbo Systems, has been promoted to Executive Vice
President and Chief Operating Officer of BorgWarner Inc., effective
July 1, 2024. As Chief Operating
Officer, Mr. Fadool will be responsible for the operations of the
Company with the business unit presidents reporting to him. Mr.
Fadool will report to Frédéric Lissalde, President and Chief
Executive Officer.
Mr. Lissalde said, "Joe is uniquely positioned to take on the
role of Chief Operating Officer given his deep familiarity with our
organization and understanding of the development and
commercialization of our technologies. Notably, his contributions
leading our Emissions, Thermal and Turbo Systems business unit over
the last five years have resulted in strong growth and business
performance, as well as fortified relationships with major global
OEMs. I look forward to working more closely with Joe in this new
role to deliver even better outcomes for our customers and our
shareholders."
Mr. Fadool said, "I'm honored to become Chief Operating Officer
at this important time in our Company's work to accelerate the
world's transition to advanced mobility solutions. I believe
BorgWarner has an immense opportunity to deliver sustained value to
our stakeholders through innovative product leadership and support
our customers around the globe as they transition their future
portfolios. I am eager to support Fred and the entire BorgWarner
team in this exciting time for our Company."
New Business Unit Structure
In connection with Mr. Fadool's appointment, BorgWarner also
introduced a new business unit structure designed to further
enhance the execution of the Company's Charging Forward
strategy. Effective July 1, 2024, the
Company will reorganize its business units as follows:
- Emissions, Thermal and Turbo Systems, which will be led by Dr.
Volker Weng;
- Drivetrain and Morse Systems, which will be led by Isabelle McKenzie;
- PowerDrive Systems, which will be led by Dr. Stefan Demmerle; and
- Battery and Charging Systems, which will be led by Henk Vanthournout.
"As we continue to meaningfully progress Charging
Forward, it is the right time to align our business unit
structure," said Mr. Lissalde. "In addition to strengthening
BorgWarner's operational agility, we expect this new structure to
increase efficiency through cross-functional collaboration and
additional cost controls. We believe this best positions us to
capture the many growth opportunities ahead."
BorgWarner will align its financial reporting segments with its
new business unit structure beginning July
1, 2024.
Full biographies for BorgWarner's executives can be found on the
Company's website.
About Joseph
Fadool
Joseph Fadool
joined BorgWarner in 2010 and has held a number of top positions
across the Company, including President and GM, Emissions, Thermal
and Turbo Systems, Morse Systems and TorqTransfer Systems, the
precursor to PowerDrive Systems. Prior to joining BorgWarner, Mr.
Fadool worked at Continental Automotive Systems as Vice President
for North American Electronic Operations and at Ford Motor Company.
Mr. Fadool holds a Bachelor of Science in electrical engineering
from Lawrence Technological University
and a Master of Science in computer and electronic controls from
Wayne State University.
About BorgWarner
For more than 130 years, BorgWarner
has been a transformative global product leader bringing successful
mobility innovation to market. With a focus on sustainability,
we're helping to build a cleaner, healthier, safer future for
all.
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forward-looking statements are based on assumptions and analyses
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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 statements.
You should not place undue reliance on these forward-looking
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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; 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 original equipment manufacturer ("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 wars
or other geopolitical conflicts; 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 2023 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 which is highly cyclical and subject to disruptions; our
reliance on major OEM customers; impacts of any future strikes
involving any 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