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CEO Profile

Timothy Manganello - CEO of BorgWarner Inc. - Most Respected CEOs

Timothy Manganello - CEO of BorgWarner Inc.

Company Profile

Industry: Auto Parts Manufacturing
Employees: 12,500
Revenues: $4.4B
Market Cap:
$5.0B

CEO Achievements

2009 was an extraordinary year for BorgWarner and the global automotive industry. Due to an unprecedented economic downturn, Tim faced serious challenges such as managing cash flow, fighting to secure liquidity, and maintaining profitability for BorgWarner. He worked to develop the financial capability within BorgWarner to emerge from the recession as a stronger company.

Tim led BorgWarner with a strategy focusing on operational excellence and efficiency. He was able to unify people from the shop floor to the boardroom re-focusing on the financial discipline necessary to be successful in the crisis. He anticipated and reacted quickly to market conditions, right-sizing the business operations to achieve positive cash flow and earnings for the year. He targeted an aggressive 20% decremental margin on the change in operating income versus the reduction in sales and was successful in achieving this target. Tim strengthened the financial structure of the company with a successful convertible bond offering during a time when the market was reacting unfavorably to the auto industry.

BorgWarner Net Income Growth (LFY): Turnaround from loss of -35.6M to profit of +27M despite major decline in revenues In a very difficult year for the global auto industry. The strategies that the CEO implemented allowed BorgWarner to regain profitability in the third quarter of 2009 and to be one of two automotive companies to maintain an investment grade rating without sacrificing BorgWarner’s future in the area of new business or R&D spending.

CEO Bio

Timothy M. Manganello has been chairman and chief executive officer of BorgWarner Inc. since June 2003. Mr. Manganello began his career in the automotive industry in 1973. He was named to his current position in February 2003, after having served for one year as president and chief operating officer. Prior to holding the position of COO, he was executive vice president of the company and served as president and general manager of BorgWarner TorqTransfer Systems from January 1999 to 2002. During his career at BorgWarner, he has held senior management positions in operations, sales, and business development.

Before joining BorgWarner in 1989, Mr. Manganello held product engineering management positions at Chrysler Corporation from 1973 to 1981, and sales management positions at PT Components-Link Belt from 1981 to 1988. A resident of Bloomfield Hills, Michigan, Mr. Manganello holds a bachelor’s degree and master’s degree in mechanical engineering from the University of Michigan. He also completed the Advanced Management Program at Harvard Business School and is a graduate of the Chrysler Institute program.

He is a member of the board of directors of Bemis Co., Inc. (NYSE), and the Detroit Branch Chairman of the Federal Reserve Bank of Chicago. He is also a member of the University of Michigan College of Engineering’s National Advisory Committee; and the chairman of the Executive Committee of the Board of Trustees for the Manufacturer’s Alliance/MAPI.

CEO Insights

We are successful because we have leading technology, we have strong focus on financial discipline, and we have broad customer base  - Timothy Manganello,  CEO of BorgWarner Inc.

Consumers want better fuel economy and reduced emission in every region of the world and these needs are driving demands for BorgWarner's leading power train technologies like turbo-charging and dual-clutch transmission modules for which we are launching new programs and expanding capacity. Two recent events make the future in brighter for us; first, the U.S. is considering even stricter fuel economy standards. In a proposal to reform corporate average fuel economy or CAFE rules, The National Highway Traffic Safety Administration laid out guidelines for a 3% fuel economy improvement in both passenger car and light trucks for model years 2011 to 2015 - Timothy Manganello,  CEO of BorgWarner Inc.

BorgWarner Inc. has become a de facto European company as employees have increased in Europe while declining in North America - Timothy Manganello, CEO of BorgWarner Inc.

We are bringing advanced technology to China. We would rather be the first one into China with new technology, and gain the first-mover advantage - Timothy Manganello, CEO of BorgWarner Inc.

We will do an acquisition that will help BorgWarner, that will bring in new technology, or more diversified customer base, or put us in a part of the world that are a growing one...Most of our acquisitions would be doing globally, not necessarily in America, mainly because we are looking for the leading technologies, not just companies.  We do an acquisition in Japan to begin business with Toyota. - Timothy Manganello, CEO of BorgWarner Inc.

We figure that we can come up with the best technology solutions to include the economy and emissions. The OEMs would want to do business with BorgWarner. - Timothy Manganello, CEO of BorgWarner Inc.

We have three operating principles, which are based on BorgWarner's powerful or lasting competitiveness in the world. Firstly, we have set up plants in different parts of the world to get closer to our customers and to meet their demands better. If we have a plant in an area, we will bring the local business to that plant. Secondly, when we are unable to satisfy our customers in an area due to economic or other factors, we will transfer some products to the more competitive manufacturing bases, such as India and China, a mode that has been proven by the manufacturing capabilities of our heat energy system. Thirdly, to boost its global competitiveness, BorgWarner will encourage its India and China plants to serve customers from other countries and regions. For examples, a BorgWarner's heat energy plant in China is providing products directly to the plants of Ford South Africa and American Chrysler, bypassing the BorgWarner's plants in the U.S. or other countries and regions. BorgWarner will continue to follow the three operating modes all the time to enhance its global competitiveness and long-term competitiveness as one of its major tasks. - Timothy Manganello, CEO of BorgWarner Inc.

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