BorgWarner (BWA) has issued an announcement.
BorgWarner Inc. has announced the promotion of Joseph F. Fadool to Executive Vice President and COO, effective July 1, 2024, with a substantial compensation package including a $1.125 million base salary and additional bonus and incentive opportunities. Alongside this, the company has implemented an Executive Severance Plan that offers severance payments and benefits under certain termination conditions. Furthermore, a significant one-time restricted stock grant has been awarded to Tonit M. Calaway, which vests in 2026, with provisions for earlier vesting under specific circumstances.
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