secwatch.observer — SEC 8-K summary
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Issuer:     BORGWARNER INC (BWA)
CIK:        0000908255
Form:       8-K
Filed at:   2024-11-07T23:59:59+00:00
Accession:  0000908255-24-000046
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BorgWarner announces CEO succession: Joseph Fadool to succeed Frederic Lissalde effective Feb 6, 2025
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- Frederic Lissalde to retire as President & CEO and from the Board on Feb 6, 2025; will serve as consultant through Aug 30, 2025.
- Joseph Fadool, current COO, appointed President & CEO and to the Board effective Feb 6, 2025.
- Fadool's base salary set at $1.25M; target bonus of $1.875M (150%); LTI target of $8.125M (650%); 59,760 additional performance shares.
- Board declared a quarterly cash dividend of $0.11 per share, payable Dec 16, 2024 to holders of record Dec 2, 2024.
- Transition period: Lissalde's base salary reduced to 67% of prior rate; no new MIP participation but eligible for pro-rata 2025 MIP.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/908255/000090825524000046/0000908255-24-000046-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/908255/000090825524000046/bwa-20241106.htm
  HTML page:      https://secwatch.observer/filing/0000908255-24-000046

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