The board of directors of BorgWarner Inc. (BWA - Free Report) has made the announcement that the chief executive officer, James Verrier, will step down with effect from Aug 1, 2018. However, he will continue to serve the company through a non-executive advisory role until he retires on Feb 28, 2019. The company has further announced that its chief operating officer, Frederic Lissalde will replace Verrier with effect from the same date.
Notably, Lissalde has served several key roles in the MI-based company during his tenure of 19 years. Moreover, he served increasingly important roles in the company. On the other hand, Verrier, who served the topmost role in the company since past five years, helped immensely in building up a broad product portfolio, comprising parts used in combustion, hybrid and electric vehicles.
BorgWarner is a global leader in clean and efficient technology solutions required for combustion, hybrid and electric vehicles. Presently, growing requirement for higher fuel efficiency is driving demand for BorgWarner’s products, including turbochargers.
Over the past six months, shares of BorgWarner have underperformed the industry it belongs to. Over this time period, shares of the company have declined 6.6% while the industry rose 5.3%.
Currently, BorgWarner carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few better-ranked stocks in the auto space are Oshkosh Corporation (OSK - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Ferrari N.V. (RACE - Free Report) . While both Oshkosh and Allison Transmission Holdings sport a Zacks Rank #1, Ferrari has a Zacks Rank #2 (Buy).
Oshkosh has an expected long-term growth rate of 18.3%. Shares of the company have risen 11% over the past year.
Allison Transmission Holdings has an expected long-term growth rate of 10%. Over the past year, shares of the company have gained 11.8%.
Ferrari has an expected long-term growth rate of 17.3%. Over the past year, shares of the company have gained 55.4%.
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