BorgWarner Announces CFO Succession Plan

Craig Aaron will succeed Kevin Nowlan in March…

Turbocharger and automotive technologies company BorgWarner Inc. has announced that Kevin Nowlan will retire as executive vice president and chief financial officer after a 28-year career in finance.

Craig Aaron, BorgWarner’s current vice president and controller, will succeed Nowlan as executive vice president and CFO, effective March 1, 2024, the company announced. Nowlan will remain with the company in an advisory capacity through April 1, 2024, to ensure a smooth transition.

Craig Aaron
Craig Aaron

“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,” said Frédéric Lissalde, president and chief executive officer. “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.”

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.

“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 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.”

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