BorgWarner Inc. Announces Board Changes and Officer Compensation Details
Ticker: BWA · Form: 8-K · Filed: Nov 7, 2024 · CIK: 908255
| Field | Detail |
|---|---|
| Company | Borgwarner INC (BWA) |
| Form Type | 8-K |
| Filed Date | Nov 7, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $1,250,000, $1,875,000, $8,125,000, $50,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, officer-compensation, governance
Related Tickers: BWA
TL;DR
BorgWarner board shakeup: Frissora out, Johnson & Charles in. Officer comp details released.
AI Summary
BorgWarner Inc. announced on November 6, 2024, the departure of director Mark P. Frissora and the appointment of new directors, including David M. Johnson and H.B. Charles, Jr. The company also disclosed details regarding compensatory arrangements for certain officers, though specific dollar amounts for these arrangements were not detailed in this filing.
Why It Matters
Changes in board composition can signal shifts in strategic direction or governance, while details on officer compensation are crucial for understanding executive incentives and potential future dilution.
Risk Assessment
Risk Level: medium — Board changes and executive compensation disclosures can impact investor confidence and signal potential strategic shifts.
Key Players & Entities
- BorgWarner Inc. (company) — Registrant
- Mark P. Frissora (person) — Departing Director
- David M. Johnson (person) — Appointed Director
- H.B. Charles, Jr. (person) — Appointed Director
- November 6, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from BorgWarner's board of directors?
Mark P. Frissora has departed from BorgWarner's board of directors as of November 6, 2024.
Who are the newly appointed directors at BorgWarner?
David M. Johnson and H.B. Charles, Jr. have been appointed as directors to BorgWarner's board.
What specific compensatory arrangements for officers are disclosed?
The filing indicates disclosures regarding compensatory arrangements of certain officers, but specific dollar amounts are not detailed within this particular 8-K filing.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on November 6, 2024.
What is BorgWarner Inc.'s state of incorporation?
BorgWarner Inc. is incorporated in Delaware.
Filing Stats: 1,123 words · 4 min read · ~4 pages · Grade level 10.1 · Accepted 2024-11-07 08:03:59
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share BWA New York Stock Exchange
- $1,250,000 — Mr. Fadool's annual base salary will be $1,250,000. His target annual bonus opportunity (p
- $1,875,000 — opportunity (prorated for 2025) will be $1,875,000 (150% of base salary). Mr. Fadool's lon
- $8,125,000 — get opportunity for 2025 grants will be $8,125,000 (650% of base salary). Mr. Fadool will
- $50,000 — increase in his perquisite allowance to $50,000. The Lissalde Employment Agreement wi
- $0.11 — d declared a quarterly cash dividend of $0.11 per share of the Company's common stock
Filing Documents
- bwa-20241106.htm (8-K) — 36KB
- a20241107dividendpr.htm (EX-99.1) — 4KB
- image.jpg (GRAPHIC) — 8KB
- 0000908255-24-000046.txt ( ) — 221KB
- bwa-20241106.xsd (EX-101.SCH) — 3KB
- bwa-20241106_def.xml (EX-101.DEF) — 15KB
- bwa-20241106_lab.xml (EX-101.LAB) — 29KB
- bwa-20241106_pre.xml (EX-101.PRE) — 17KB
- bwa-20241106_htm.xml (XML) — 4KB
01 Regulation FD Disclosures
Item 7.01 Regulation FD Disclosures On November 6, 2024, the Board declared a quarterly cash dividend of $0.11 per share of the Company's common stock. The dividend is payable on December 16, 2024 to stockholders of record on December 2, 2024. On November 7, 2024, the Company issued the press release attached as Exhibit 99.1, which is incorporated herein by reference.
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 99.1 Press Release dated November 7 , 2024 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: November 7, 2024 By: /s/ Tonit M. Calaway Name: Tonit M. Calaway Title: Executive Vice President and Secretary