BorgWarner CEO James Verrier to step down

(Reuters) - Auto parts maker BorgWarner Inc BWA.N said on Thursday Chief Executive Officer James Verrier will step down and serve in a non-executive advisory role until he retires in February next year.

The company said its Chief Operating Officer Frederic Lissalde would replace Verrier, effective Aug. 1.

Verrier, who took the helm about five years ago, helped the company build a broad product portfolio, which includes parts used in combustion, hybrid and electric vehicles.

A need for higher fuel efficiency is driving demand for BorgWarner’s products, including turbochargers, which help to burn fuel more efficiently by blowing oxygen into engine cylinders.

Verrier has also overseen the company’s $950 million deal to buy Remy International Inc, a maker of electric and hybrid motors, to better compete in the fast-growing market for electric and hybrid vehicles.

Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta