Borg-Warner Automotive Names Lawrence B. Skatoff Chief Financial Officer
20 December 1999
Borg-Warner Automotive Names Lawrence B. Skatoff Chief Financial OfficerCHICAGO, Dec. 20 -- Borg-Warner Automotive, Inc. today announced that Lawrence B. Skatoff has been appointed to the new position of executive vice president and chief financial officer, according to an announcement by John F. Fiedler, chairman and chief executive officer. Skatoff, 60, was senior vice president and chief financial officer for Premark International which recently merged with Illinois Tool Works. Skatoff spent nineteen years with Monsanto where he held positions in finance and general management, including vice president, finance and general manager for Asia Pacific. "As Borg-Warner implements a growth strategy based on our expertise in powertrain technology, we expect Larry Skatoff's depth of experience and broad perspective across several industries to be a real asset to us," said Fiedler. Skatoff holds a BS in chemical engineering from Washington University in St. Louis, an MBA from Roosevelt University in Chicago, and is a graduate of the Executive Program at the University of California at Berkeley. In other action, Jeffrey L. Obermayer was named vice president and treasurer. Obermayer, 44, has been with the company since 1982. He has been serving as treasurer since June and was vice president of finance and business development for the company's Automatic Transmission Systems operating group. The treasury function along with accounting, audit, business development, tax and information technology will report to the chief financial officer. Chicago-based Borg-Warner Automotive, Inc. is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide. The company operates 60 manufacturing and technical facilities in 13 countries. Customers include Ford, DaimlerChrysler, General Motors, Toyota, Caterpillar, Navistar, PSA and VW Group. The Internet address for Borg-Warner Automotive is: http://www.bwauto.com . Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign automotive production, the continued use of outside suppliers by original equipment manufacturers, fluctuations in demand for vehicles containing the Company's products, general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Cautionary Statements filed as Exhibit 99.1 to the Form 10-K for the fiscal year ended December 31, 1998.