BorgWarner CEO James Verrier at the Automotive News World Congress
DETROIT — BorgWarner Inc. CEO James Verrier is stepping down at the age of 55 and will serve in a nonexecutive advisory role until he retires in February.
The powertrain parts supplier said COO Frederic Lissalde will replace Verrier, effective Aug. 1.
Verrier, who took the helm in early 2013, led a decision to leave self-driving cars to others and focus on providing propulsion solutions. Its parts are used in combustion, hybrid and electric vehicles.
A need for higher fuel efficiency is driving demand for BorgWarner’s products, including turbochargers, which help vehicles burn fuel more efficiently.
Verrier also oversaw the company’s $950 million deal to buy Remy International Inc, a maker of electric and hybrid motors, to better compete in the fast-growing market for electric and hybrid vehicles.
In January, Lissalde stepped into the COO role, a job previously held by Verrier and vacant since 2013 — when Verrier was promoted to CEO. Prior to that, Lissalde served as president and general manager of company’s turbo systems business.
During his 19-year career with the suburban Detroit supplier, Lissalde held a number of top management spots, including vice president and general manager of the transmissions unit and vice president of global sales and marketing of the company’s drivetrain arm. Additionally, he was managing director of several operations in Europe for the supplier’s drivetrain unit.
Reuters contributed to this report.
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