The board of directors of BorgWarner Inc. BWAhas made the announcement that the chief executive officer, James Verrier, will step down with effect from Aug 1, 2018. However, he will continue to serve the company through a non-executive advisory role until he retires on Feb 28, 2019. The company has further announced that its chief operating officer, Frederic Lissalde will replace Verrier with effect from the same date.
Notably, Lissalde has served several key roles in the MI-based company during his tenure of 19 years. Moreover, he served increasingly important roles in the company. On the other hand, Verrier, who served the topmost role in the company since past five years, helped immensely in building up a broad product portfolio, comprising parts used in combustion, hybrid and electric vehicles.
BorgWarner is a global leader in clean and efficient technology solutions required for combustion, hybrid and electric vehicles. Presently, growing requirement for higher fuel efficiency is driving demand for BorgWarner’s products, including turbochargers.
Over the past six months, shares of BorgWarner have underperformed the industryit belongs to. Over this time period, shares of the company have declined 6.6% while the industry rose 5.3%.
