Auburn Hills, Michigan, December 5, 2023 – BorgWarner Inc. (NYSE: BWA) (“the Company”) today announced that Kevin Nowlan has decided to retire as Executive Vice President and Chief Financial Officer (“CFO”) after a 28-year career in finance. Craig Aaron, BorgWarner’s current Vice President and Controller, will succeed Mr. Nowlan as Executive Vice President and CFO, effective March 1, 2024. Mr. Nowlan will remain with the Company in an advisory capacity through April 1, 2024, to ensure a smooth transition.
Frédéric Lissalde, President and Chief Executive Officer, said, “Kevin has played an instrumental role in all of BorgWarner’s recent major strategic initiatives, ranging from the acquisition of Delphi Technologies to the creation and execution of our Charging Forward strategy to the spin-off of PHINIA. These actions have fundamentally transformed BorgWarner and have driven significant shareholder value. Kevin has built a strong finance organization with a commitment to financial discipline that we expect to support BorgWarner’s continued success. On behalf of the entire Board of Directors and management team, I thank him for his contributions to our Company and for his friendship and wish him a fantastic retirement.”
Mr. Nowlan said, “I’ve had the tremendous opportunity to be a public-company CFO for the last 11 years, which was my professional goal coming out of business school. But my priorities in life have changed. With my two wonderful daughters growing up quickly, I want to make sure I can be more present in their daily lives for the next few years before they head out on their own; that’s what is most important to me right now and why I’m choosing to retire. I want to thank Fred for the opportunity he’s given me and the partnership we’ve had for these last few years, and I want to thank my team for their support and dedication in helping to drive the success of the organization. I wish BorgWarner the best as the Company continues to ‘charge forward’ while I move on to the next chapter in my life.”
Mr. Aaron joined BorgWarner in 2007 and has held a number of positions in accounting and finance, including Controller, Treasurer, and Vice President of Finance for BorgWarner Morse Systems. Prior to joining BorgWarner, he worked at Federal-Mogul Corporation as a Corporate Account Manager and at Deloitte & Touche LLP as an In-Charge Auditor. Mr. Aaron holds a Bachelor of Arts in accounting from Michigan State University and is a Certified Public Accountant in the State of Michigan.
“Throughout his 15-year tenure with BorgWarner, Craig has worked in various Finance roles, including holding executive positions in our businesses and at corporate levels,” said Mr. Lissalde. “He very adeptly helped to oversee management of our balance sheet during challenging market environments over the last few years, while simultaneously finding ways for the Company to support the financing of key acquisitions critical to the success of Charging Forward. Most recently, he was deeply involved in helping successfully execute the PHINIA spin-off by leading the separation of the financial operations of the two companies. We’re confident Craig has the right skills, coupled with his deep knowledge of BorgWarner and our industry, to help carry us into our next chapter of growth.”
“It is my great privilege to step into the role of CFO,” said Mr. Aaron. “I am confident we have the right strategy and that we will continue to capitalize on profitable growth opportunities as our industry transitions towards electrification, which we expect will drive long-term value creation for our shareholders and customers alike. I look forward to working with Fred and the leadership team, while leading our talented finance team, in seeking to deliver sustained growth and top-quartile margins within our industry. I’ve also benefited from working closely with Kevin for almost five years, which will help ensure a smooth transition.”