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BorgWarner Names New CEO-

November 16, 2012 - Yesterday, BorgWarner reported that it will be changing leadership at its North American Headquarters. Tim Manganello, who has been CEO and chairman of BorgWarner for the past 10 years, will be replaced by James Verrier as of January 1, 2013. Verrier is a 23-year veteran at BorgWarner and a great fit for the CEO position. Currently, Verrier is the Chief Operating Officer and president of BorgWarner.

The change comes in the wake of a disappointing 3rd quarter, in which BorgWarner saw a 29% drop in share price. During his time as CEO, Manganello grew international sales over $7 billion, and increased the market cap over six times. Many credit Manganello for turning BorgWarner into the titan of the auto industry that it is today. However, with numbers on the sharp decline, BorgWarner feels like it is time to shake up the structure of their organization.

BorgWarner has struggled due to the European recession, as the EU is BorgWarner’s largest market. However, the company is hoping to bounce back with its line of fuel efficiency components. The American market could prove to be pivotal in coming months, as the company looks to rebound in Q4. BorgWarner is the leader in powertrain technology, and I’m sure they will find a way to get back on top—it’s only a matter of time.

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