BorgWarner Appoints New CFO, Kevin Nowlan
Ticker: BWA · Form: 8-K · Filed: May 30, 2024 · CIK: 908255
| Field | Detail |
|---|---|
| Company | Borgwarner INC (BWA) |
| Form Type | 8-K |
| Filed Date | May 30, 2024 |
| Risk Level | low |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.01, $1,125,000, $1,350,000, $4,218,750, $40,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, leadership-change
Related Tickers: APTV
TL;DR
BorgWarner names Kevin Nowlan as new CFO, replacing Jamie Froelich who retires Aug 1.
AI Summary
BorgWarner Inc. announced on May 28, 2024, the appointment of Kevin A. Nowlan as its new Chief Financial Officer, effective June 3, 2024. Nowlan will succeed outgoing CFO, Jamie L. Froelich, who will transition to a senior advisory role until her retirement on August 1, 2024. Nowlan previously served as Executive Vice President and Chief Financial Officer at Aptiv PLC.
Why It Matters
The appointment of a new CFO can signal strategic shifts or a focus on financial performance, impacting investor confidence and the company's financial direction.
Risk Assessment
Risk Level: low — This filing reports routine executive leadership changes and does not indicate significant financial or operational risks.
Key Players & Entities
- BorgWarner Inc. (company) — Registrant
- Kevin A. Nowlan (person) — Newly appointed Chief Financial Officer
- Jamie L. Froelich (person) — Outgoing Chief Financial Officer
- Aptiv PLC (company) — Previous employer of Kevin A. Nowlan
- June 3, 2024 (date) — Effective date of new CFO appointment
- August 1, 2024 (date) — Effective date of Jamie L. Froelich's retirement
FAQ
Who is BorgWarner's new Chief Financial Officer?
Kevin A. Nowlan has been appointed as the new Chief Financial Officer of BorgWarner Inc.
When does Kevin A. Nowlan's appointment become effective?
Kevin A. Nowlan's appointment as CFO is effective June 3, 2024.
Who is the outgoing CFO, and what will be their role?
Jamie L. Froelich is the outgoing CFO and will transition to a senior advisory role until her retirement on August 1, 2024.
What was Kevin A. Nowlan's previous role?
Kevin A. Nowlan previously served as Executive Vice President and Chief Financial Officer at Aptiv PLC.
What is the date of this Form 8-K filing?
The Form 8-K filing reports events as of May 28, 2024, and was filed on May 30, 2024.
Filing Stats: 1,378 words · 6 min read · ~5 pages · Grade level 13.2 · Accepted 2024-05-30 08:01:23
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share BWA New York Stock Exchange
- $1,125,000 — Mr. Fadool's annual base salary will be $1,125,000. His target annual bonus opportunity (p
- $1,350,000 — opportunity (prorated for 2024) will be $1,350,000 (120% of base salary). Mr. Fadool's lon
- $4,218,750 — get opportunity for 2025 grants will be $4,218,750 (375% of base salary). On May 28, 202
- $40,000 — provide outplacement services of up to $40,000 to the eligible employee. "Cause" is
- $4,500,000 — with a target grant date fair value of $4,500,000 (the "Award"). The Award will be grante
Filing Documents
- bwa-20240528.htm (8-K) — 39KB
- 0000908255-24-000025.txt ( ) — 208KB
- bwa-20240528.xsd (EX-101.SCH) — 3KB
- bwa-20240528_def.xml (EX-101.DEF) — 15KB
- bwa-20240528_lab.xml (EX-101.LAB) — 29KB
- bwa-20240528_pre.xml (EX-101.PRE) — 17KB
- bwa-20240528_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: May 30, 2024 By: /s/ Tonit M. Calaway Name: Tonit M. Calaway Title: Executive Vice President and Secretary