BorgWarner Announces Appointment of Joseph Fadool as Chief Operating Officer
• 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.
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 projections. Words such as "anticipates," "believes," "confident," "continues," "could," "designed," "effect," "estimates," "evaluates," "expects," "forecasts," "goal," "guidance," "initiative," "intends," "may," "outlook," "plans," "potential," "predicts," "project," "pursue," "seek," "should," "target," "when," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. Further, all statements, other than statements of 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 operations, competitive strengths, goals, expansion and growth of our business and operations, plans, references to future success and other such matters, are forward-looking statements. All forward-looking statements are 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 statements.
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; 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
