BorgWarner Announces CEO Succession Plan

• Joseph Fadool, EVP and COO, to Become President and CEO effective close of business on February 6, 2025
• Frédéric Lissalde to Retire

AUBURN HILLS, Mich., Nov. 7, 2024 /PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) ("the Company") today announced that its Board of Directors approved a leadership succession plan whereby Joseph Fadool, BorgWarner's Executive Vice President and Chief Operating Officer, has been appointed President and Chief Executive Officer and a member of BorgWarner's Board of Directors effective at the close of business on February 6, 2025. At that time, Frédéric Lissalde will retire from his role as President and CEO and step down from the Board of Directors. To support a seamless transition, Mr. Lissalde will serve in an advisory role until August 30, 2025.

Alexis P. Michas, Non-Executive Chairman of the Board of Directors, said, "As CEO, Fred has reshaped our product portfolio and set BorgWarner on a path to lead the world's energy transition to electrified vehicles. Fred has been an exceptional leader and embodies our beliefs, values and innovative culture. We believe Fred's passion for our business and customer focus have positioned the company for success for years to come. We look forward to celebrating his career over the coming months as we transition to our next CEO and send Fred off to a well-deserved retirement."

Michas continued, "Today's announcement reflects the Board's thoughtful approach to succession planning. Joe has been a trusted member of our leadership team for 14 years, and we are excited to name him as BorgWarner's next President and CEO. Having served as a President of four business units, Joe has an incredibly deep understanding of our industry, technology focused product portfolio, operations, culture and strong customer relationships. This makes Joe very well prepared to lead BorgWarner to achieve new levels of success and value creation for our stakeholders."

Mr. Lissalde said, "It has been a privilege to work alongside our talented BorgWarner team for 25 years, and I am incredibly proud of all we have accomplished. Together, we have carefully curated a resilient portfolio of market leading technologies that are accelerating the world's transition to electrification, which we believe will be successful under different regional powertrain adoption scenarios. I know that Joe will step seamlessly into the CEO role and continue guiding BorgWarner to even greater heights. His track record of operational excellence and dynamic thinking make him the right person for the role, and I am excited to follow the Company's continued success with him at the helm."

Mr. Fadool said, "Fred has been an incredible mentor to me, and I am honored to be appointed the next CEO of BorgWarner. Over the last 14 years, I have worked closely with BorgWarner's talented workforce and our customers to solve the world's propulsion problems in new and innovative ways. I believe BorgWarner's world-class product portfolio, innovative and customer-centric culture, and strong operating model position the company well to drive favorable business results for many years. As we look to capture growth opportunities ahead, we will stay focused on enhancing our strong product portfolio, efficiently managing our costs to stay competitive and supporting our dynamic teams around the globe to deliver value to our customers. We believe this focus will further strengthen our product leadership position. The future for BorgWarner is bright and I'm incredibly excited to get started in my new role."

About Joseph Fadool
Joseph Fadool joined BorgWarner in 2010 and has held a number of top positions across the Company, including Chief Operating Officer and President and General Manager of Emissions, Thermal and Turbo Systems, Morse Systems and TorqTransfer Systems, the precursor to PowerDrive Systems. Prior to joining BorgWarner, Mr. Fadool worked at Continental Automotive Systems as Vice President for North American Electronic Operations and at Ford Motor Company. Mr. Fadool holds a Bachelor of Science in electrical engineering from Lawrence Technological University and a Master of Science in computer and electronic controls from Wayne State University.

About BorgWarner
For more than 130 years, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. With a focus on sustainability, we're helping to build a cleaner, healthier, safer future for all.

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