BorgWarner CFO Kevin Nowlan to retire; Craig Aaron up next

Aaron, BorgWarner's vice president and controller, will succeed Nowlan, effective March 1. Nowlan will remain with the company in an advisory capacity through April 1.

December 05, 2023 11:16 AM

Crain's Detroit Business

BorgWarner

Kevin Nowlan (left) will retire as CFO of BorgWarner and Craig Aaron will succeed him.

BorgWarner Inc. announced a transition for its top financial executive post on Tuesday.

CFO Kevin Nowlan plans to retire after 28 years with the suburban Detroit-based automotive supplier (NYSE: BWA).

Craig Aaron, BorgWarner's vice president and controller, will succeed Nowlan, effective March 1. Nowlan, 52, will remain with the company in an advisory capacity through April 1 to help with the transition.

"Kevin has played an instrumental role in all of BorgWarner's recent major strategic initiatives, ranging from the acquisition of Delphi Technologies to the creation and execution of our Charging Forward strategy to the spin-off of PHINIA,” CEO Frédéric Lissalde said in a news release.

“These actions have fundamentally transformed BorgWarner and have driven significant shareholder value. Kevin has built a strong finance organization with a commitment to financial discipline that we expect to support BorgWarner's continued success.”

Aaron, 46, joined BorgWarner in 2007 and has held a variety of positions in accounting and finance, including controller, treasurer and vice president of finance for BorgWarner Morse Systems. Prior to joining BorgWarner, he worked at Federal-Mogul Corp. and Deloitte & Touche LLP.

Aaron has a bachelor of arts degree in accounting from Michigan State University and is a certified public accountant.

Lissalde said in the release: "(Aaron) very adeptly helped to oversee management of our balance sheet during challenging market environments over the last few years, while simultaneously finding ways for the Company to support the financing of key acquisitions critical to the success of Charging Forward," Lissalde said in the release.

"Most recently, he was deeply involved in helping successfully execute the PHINIA spin-off by leading the separation of the financial operations of the two companies. We're confident Craig has the right skills, coupled with his deep knowledge of BorgWarner and our industry, to help carry us into our next chapter of growth."