BorgWarner has named Frederic Lissalde - COO since 1 January - president and chief executive officer from 1 August, 2018 when he will also join the board.

James Verrier will step down as president and CEO but remain in a non-executive advisory role to the board and CEO until he retires on 28 February, 2019.

Lissalde has held various positions during 19 years with the Tier 1 supplier. Before becoming COO, he was president and general manager of BorgWarner Turbo Systems, the company's largest business, vice president and general manager of BorgWarner Transmissions Systems and vice president of global sales and marketing of BorgWarner Drivetrain Systems. He also served as managing director of several operations in Europe for BorgWarner Drivetrain Systems.

"I am very proud of what the team has accomplished during my time as president and CEO, and truly believe the company is in an excellent position for continued success. I feel the current strength of the company is what makes this the right time to step down. [Lissalde] is a proven global leader who I have worked with for many years. I'm confident he will continue to lead this great company forward for years to come," said Verrier in a statement.