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Delphi Automotive to Name Directors, former Dupont Chief Executive John Krol as chairman
By Steve Gavriliuc for CEOWORLD Magazine Updated:November 4, 2009
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Delphi Automotive LLP (OTC:DPHIQ) , the auto-parts maker that emerged from a four-year bankruptcy in October, is forming a new board of directors and will name retired E.I. du Pont de Nemours & Company (NYSE:DD)Chief Executive John Krol as its chairman.
Delphi plans to announce seven members of a board that includes a majority of directors with no ties to either former parent General Motors Co (GM.UL) or Delphi’s lenders, the paper said.
Most of operations were sold to a group led by two hedge funds that had acquired its bankruptcy financing during its time in court protection. As part of the deal, the group acquiring Delphi, led by Elliott Management and Silver Point Capital, agreed to forgive $3.4 billion in loans and invest $900 million in capital in the new company.
The other initial independent directors are: Rajiv L. Gupta, former CEO of Rohm & Haas Co.; J. Randall MacDonald, senior vice president for human resources at International Business Machines Corp.; Michael McNamara, CEO of Flextronics International Ltd.; Lawrence A. Zimmerman, vice chairman and chief financial officer of Xerox Corp.; and Sean O. Mahoney, a private financier and a former vice chairman at Deutsche Bank Securities.
GM’s representative is Gary L. Cowger, who is retiring Dec. 1 as its group vice president of global manufacturing and labor relations. The lenders have not yet named a director. One person familiar with the matter said GM and the lenders are likely to name one director each, wsj reported.
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