- Push-out Score suggests push-out forces
- After about five and a half years in the position
- Accolades, praise and thanks for Verrier
- Fred Lissalde taking over
- Verrier spoke at length and said 104 words
(exechange) — Auburn Hills, Michigan, June 7, 2018 — James Verrier, chief executive of BorgWarner, leaves the position. It is a change at short notice. As announced by BorgWarner Inc. in a news release and in a regulatory filing published on Thursday, June 7, 2018, James R. Verrier leaves his post as chief executive officer at the automotive industry components and parts supplier after about five and a half years in the role, effective August 1, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.5 years, according to data compiled by exechange.
Verrier leaves the company effective February 28, 2019.
Verrier’s duties will be taken over by Frederic (Fred) Lissalde, currently chief operating officer of BorgWarner Inc.
“The right time to step down”
Verrier’s imminent departure from the CEO post is explained as follows. Verrier said: “I feel the current strength of the company is what makes this the right time to step down.”
Precise information about Verrier’s future plans was not immediately available.
BorgWarner said: “James R. Verrier will step down from the president and chief executive officer role and serve in a non-executive advisory role to the Board of Directors and CEO to support a successful transition until he retires from the company February 28, 2019.”
BorgWarner further said: “James R. Verrier, the Company’s President and Chief Executive Officer and a member of the Company’s Board of Directors …, has chosen to transition toward retirement.”
Chaired by Alexis P. Michas
BorgWarner Inc. is chaired by Alexis P. Michas.
In the position of CEO since 2013
Verrier has been President and Chief Executive Officer and a member of the Board of Directors since January 1, 2013.
From March 2012 through December 2012, he was President and Chief Operating Officer of the Company.
From January 2010 to March 2012, he was Vice President of the Company and President and General Manager of BorgWarner Morse TEC Inc.
He was Vice President and General Manager, Passenger Car of BorgWarner Turbo Systems Inc. from January 2006 to January 2010.
Verrier has served as a director of Parker Hannifan Corporation since 2016.
Verrier has held positions of increasing responsibility since joining the Company in 1989, including assignments in quality control, human resources and operations management.
Prior to joining BorgWarner he held positions in the quality engineering and metallurgy field with Lucas Aerospace, Rockwell Automotive and Britax Wingard in the United Kingdom.
He holds a degree in Metallurgy and Materials Science from West Midlands College in the UK as well as an MBA from the University of Glamorgan, also in the UK.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered James Verrier’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 24.2018 ($).