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BorgWarner names James Verrier as new CEO

AUBURN HILLS, Mich. (AP) -- BorgWarner Inc. said Thursday that it named James Verrier as its president and chief executive.

Verrier's appointment is effective Jan. 1. He also will join the auto supplier's board at that time.

Timothy Manganello, the Auburn Hills, Mich.-based company's current chairman and CEO, will continue as executive chairman until his planned retirement at the company's April 24 annual meeting.

At that time, Manganello, 62, will step down from the board and Alexis Michas, the company's current lead director, will become non-executive chairman.

Verrier, 49, has spent 23 years at BorgWarner and currently serves as its president and chief operating officer. 

BorgWarner shares rose 10 cents to $61.53 in morning trading.