BorgWarner Appoints New CFO, Kevin Nowlan
Ticker: BWA · Form: 8-K · Filed: Mar 1, 2024 · CIK: 908255
| Field | Detail |
|---|---|
| Company | Borgwarner INC (BWA) |
| Form Type | 8-K |
| Filed Date | Mar 1, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $300,000, $250,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: BWA
TL;DR
BorgWarner names Kevin Nowlan new CFO, replacing Jamie Froelich.
AI Summary
BorgWarner Inc. announced on March 1, 2024, the appointment of Kevin A. Nowlan as its new Chief Financial Officer, effective March 4, 2024. He will succeed outgoing CFO, Jamie L. Froelich, who will transition to a senior advisor role until her retirement on March 31, 2024. Nowlan's compensation package includes a base salary of $500,000 and a target annual bonus of 100% of his base salary.
Why It Matters
A change in CFO can signal shifts in financial strategy or operational focus, impacting investor confidence and the company's financial performance.
Risk Assessment
Risk Level: low — This filing primarily concerns a routine executive appointment and compensation details, with no immediate financial distress or significant strategic shifts indicated.
Key Numbers
- $500,000 — New CFO Base Salary (Annual base salary for Kevin A. Nowlan.)
- 100% — Target Annual Bonus (Kevin Nowlan's target annual bonus as a percentage of his base salary.)
Key Players & Entities
- BorgWarner Inc. (company) — Registrant
- Kevin A. Nowlan (person) — Newly appointed Chief Financial Officer
- Jamie L. Froelich (person) — Outgoing Chief Financial Officer
- $500,000 (dollar_amount) — Kevin Nowlan's base salary
- March 1, 2024 (date) — Date of report
- March 4, 2024 (date) — Effective date for new CFO
- March 31, 2024 (date) — Retirement date for outgoing CFO
FAQ
What is Kevin A. Nowlan's new role at BorgWarner Inc. and when does it become effective?
Kevin A. Nowlan has been appointed as the new Chief Financial Officer, effective March 4, 2024.
Who is Kevin A. Nowlan replacing as CFO?
He is replacing Jamie L. Froelich, who will transition to a senior advisor role before her retirement.
What is Kevin A. Nowlan's annual base salary?
Kevin A. Nowlan's annual base salary is $500,000.
What is the target annual bonus for the new CFO?
The target annual bonus for Kevin A. Nowlan is 100% of his base salary.
When will Jamie L. Froelich retire?
Jamie L. Froelich is scheduled to retire on March 31, 2024.
Filing Stats: 711 words · 3 min read · ~2 pages · Grade level 10.3 · Accepted 2024-03-01 08:02:00
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share BWA New York Stock Exchange
- $300,000 — restricted stock award with a value of $300,000, vesting 50% after 1 year and the remai
- $250,000 — In addition, the Company will pay her a $250,000 cash bonus, half of which is due on the
Filing Documents
- bwa-20240301.htm (8-K) — 30KB
- 0000908255-24-000012.txt ( ) — 201KB
- bwa-20240301.xsd (EX-101.SCH) — 3KB
- bwa-20240301_def.xml (EX-101.DEF) — 15KB
- bwa-20240301_lab.xml (EX-101.LAB) — 32KB
- bwa-20240301_pre.xml (EX-101.PRE) — 17KB
- bwa-20240301_htm.xml (XML) — 4KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. The following exhibits are being furnished as part of this Report. Exhibit Number Description 104.1 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BorgWarner Inc. Date: March 1, 2024 By: /s/ Tonit M. Calaway Name: Tonit M. Calaway Title: Executive Vice President and Secretary