BorgWarner names PHINIA Chairman and Board of Directors Ahead of Spin-Off

Auburn Hills, Michigan, June 2, 2023 – BorgWarner Inc. (NYSE: BWA) today announced that Rohan S. Weerasinghe, General Counsel, Citigroup, Inc. (retired) is expected to serve as Non-Executive Chairman of PHINIA Inc. following completion of the previously announced spin-off of the Fuel Systems and Aftermarket segments into a separate, publicly traded company.

 

Mr. Weerasinghe retired from Citigroup, Inc. in December 2021 where he served as General Counsel from 2012. Prior to this, he served as the Senior Partner for the law firm of Shearman & Sterling. Mr. Weerasinghe is a graduate of Harvard College and holds a Master of Business Administration from Harvard Business School and a Juris Doctorate from Harvard Law School.

 

Mr. Weerasinghe has extensive legal and financial expertise, as well as significant experience advising companies, boards, and chief executive officers on various legal, regulatory, business and other matters. His extensive leadership experience as General Counsel for one of the world’s largest banking institutions and as head of a leading global law firm brings deep governance experience and an international perspective to the board.

 

Also expected to join the board at spin-off:

 

Brady D. Ericson, CEO, PHINIA Inc., has in-depth knowledge of the Company and the global commercial vehicle, industrial, and automotive industries, extensive senior leadership, strategic planning, operational and business experience, and a strong engineering background with experience in global product development.

 

Samuel R. Chapin, Executive Vice Chairman, Bank of America Merrill Lynch (retired), provides board expertise in corporate finance and strategy, including experience gained as a senior executive at a global financial services firm and through his service on the audit committee of public companies. He also brings the board extensive knowledge from the industrial marketplace, along with deep experience in transactional processes, M&A, and deal financing for a wide range of transactions.

 

Robin Kendrick, President and CEO, Accuride Corporation, brings decades of experience in the automotive industry, which will allow him to provide the board with unique insight into the Company’s challenges, operations, and strategic opportunities as well as a deep understanding of the industry and its key participants. Mr. Kendrick’s experience as a CEO brings insight into the complexities of managing a major Tier-1 supplier. His extensive experience in engineering and sales will allow him to contribute significantly regarding product development strategies.

 

D’aun Norman, Audit Partner, Ernst & Young (retired), has extensive experience as a senior audit partner providing accounting and advisory services to large multi-national automotive and industrial companies, which brings financial expertise and industry experience to the board. Ms. Norman is also a public company director and audit committee member. Her experience has provided her with key skills, including financial reporting, accounting and control, business analysis, and risk management that are valuable to the oversight of our business.

 

Roger J. Wood, Co-CEO, Tenneco Inc. (retired), brings substantial expertise regarding manufacturing, technology, and customer solutions to the board as the former Co-CEO of one of the world’s largest designers, manufacturers, and marketers of ride performance and clean air products and systems. Mr. Wood’s experience as a CEO of multiple public manufacturing companies provides unique insight and significant knowledge to the Board in the areas of manufacturing operations, business management, global operations, and strategic planning.

 

PHINIA intends to add one additional board member prior to the spin-off.

 

PHINIA is expected to be a product leader in fuel systems, starters, alternators and aftermarket distribution with balanced and synergistic exposure among Commercial Vehicle, Light Vehicle and Aftermarket end markets, and to have broad regional and customer exposures. The spin-off is expected to be completed by the end of Q3 2023.