BorgWarner Appoints New CFO, Kevin Nowlan

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

From the Filing

0000908255-24-000012.txt : 20240301 0000908255-24-000012.hdr.sgml : 20240301 20240301080200 ACCESSION NUMBER: 0000908255-24-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240301 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240301 DATE AS OF CHANGE: 20240301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BORGWARNER INC CENTRAL INDEX KEY: 0000908255 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 133404508 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12162 FILM NUMBER: 24707023 BUSINESS ADDRESS: STREET 1: 3850 HAMLIN RD. CITY: AUBURN HILLS STATE: MI ZIP: 48326 BUSINESS PHONE: 2487549200 MAIL ADDRESS: STREET 1: 3850 HAMLIN RD. CITY: AUBURN HILLS STATE: MI ZIP: 48326 FORMER COMPANY: FORMER CONFORMED NAME: BORG WARNER AUTOMOTIVE INC DATE OF NAME CHANGE: 19930628 8-K 1 bwa-20240301.htm 8-K bwa-20240301 0000908255 FALSE 0000908255 2024-03-01 2024-03-01 0000908255 us-gaap:CommonStockMember 2024-03-01 2024-03-01 0000908255 bwa:SeniorNotesDueNovember2022Member us-gaap:SeniorNotesMember 2024-03-01 2024-03-01 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 1, 2024 BORGWARNER INC. ________________________________________________ (Exact name of registrant as specified in its charter) Delaware 1-12162 13-3404508 State or other jurisdiction of Commission File No. (I.R.S. Employer Incorporation or organization   Identification No.) 3850 Hamlin Road,   Auburn Hills, Michigan   48326 (Address of principal executive offices)   (Zip Code) Registrant’s telephone number, including area code: ( 248 ) 754-9200 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BWA New York Stock Exchange 1.00% Senior Notes due 2031 BWA31 New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( § 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( § 240.12b-2 of this chapter). Emerging growth company o   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o   Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 1, 2024, BorgWarner Inc. (the “Company”) issued a press release announcing the appointment of Amy B. Kulikowski to the role of Vice President and Chief Accounting Officer, effective March 1, 2024, succeeding Craig D. Aaron, who was the Company’s principal accounting officer. As previo