- Push-out Score suggests push-out forces
- After almost seven years in the position
- Praise, thanks and good wishes for Hundzinski
- Tom McGill taking over in the interim
- Search for a successor
(exechange) — Auburn Hills, Michigan, October 19, 2018 — Ron Hundzinski, finance chief of BorgWarner, leaves. As announced by BorgWarner Inc. in a news release and in a regulatory filing published on Friday, October 19, 2018, Ronald T. (Ron) Hundzinski, Chief Financial Officer, leaves the automotive industry components and parts supplier after almost seven years in the role, effective December 31, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange.
Ron Hundzinski’s move comes three months after Frédéric Lissalde took over as CEO of BorgWarner Inc.
BorgWarner will undertake a search for a successor.
Ron Hundzinski’s duties will be taken over in the interim by Thomas J. (Tom) McGill, currently Vice President and Treasurer of BorgWarner Inc., as interim Chief Financial Officer.
No reason given
In the announcement, BorgWarner did not explicitly explain the reason for Ron Hundzinski’s move, leaving room for speculation.
Precise information about Ron Hundzinski’s future plans was not immediately available.
BorgWarner said: “Mr. McGill will succeed Ron Hundzinski, 59, who will remain with the company through the end of 2018 to ensure a smooth transition of responsibilities before retiring from the company effective December 31, 2018.”
BorgWarner further said: “On October 16, 2018, Ronald T. Hundzinski, Executive Vice President and Chief Financial Officer of BorgWarner Inc. (the “Company”), notified the Company of his intention to retire from the Company effective December 31, 2018.”
Share price decline
The change follows a decline in the share price of BorgWarner Inc. since June 2014.
Chaired by Alexis P. Michas
BorgWarner Inc. is chaired by Alexis P. Michas.
CEO: Frédéric Lissalde
Frédéric Lissalde serves as CEO of BorgWarner Inc. Lissalde has been President, Chief Executive Officer and Director of BorgWarner Inc. since August 01, 2018. He was Executive Vice President and Chief Operating Officer of BorgWarner Inc. since January 2018 until August 01, 2018.
In the position of CFO since 2012
Ronald T. Hundzinski has been the Chief Financial Officer and Executive Vice President of BorgWarner Inc. since March 28, 2012 and served as its Vice President since April 1, 2010.
He is responsible for investor relations, mergers and acquisitions, treasury, tax, internal audit, financial reporting, sustainability and information technology.
He is also a member of the Corporate Strategy Board.
During his career with BorgWarner, Hundzinski served as Vice President and Treasurer, Vice President and Corporate Controller, Vice President of Finance for Turbo Systems, Plant Controller for Transmission Systems, and Business Unit Analyst for TorqTransfer Systems.
Prior to joining BorgWarner, Hundzinski held leadership positions in finance at Emerson Electric, GKN and Meridian Automotive.
Hundzinski earned a bachelor’s degree in business administration from Western Michigan University, received an MBA from the University of Colorado and holds a CPA designation.
He serves on the Board of Directors for Gentherm Incorporated, a global developer and marketer of innovative thermal management technologies for a broad range of heating, cooling and temperature control applications for the automotive, healthcare and industrial industries.
Generally speaking, when a top leader announces to step down with no permanent successor available, it’s a sign that the change was unexpected and too early.
In general, possible causes for an unexpected change may be, among others, disagreement or dispute, family reasons, health reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Ron Hundzinski’s 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 43.2018 ($).