Delphi’s CFO, and others, hit the road
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Manufacturing News, Source : TheManufacturer.com
Published : 04 Mar 2005 20:36
Automotive systems maker Delphi today announced that its vice chairman and chief financial officer, Alan S. Dawes, is leaving the company and has resigned from its board of directors and its strategy board, as an ongoing accounting investigation continues.
The news comes just days after Delphi’s CEO, J.T. Battenberg III, announced that he would retire later this year.
John D. Sheehan has been named acting CFO. Sheehan is the company's chief accounting officer and controller and will retain those responsibilities. He has been named to the Delphi strategy board.
In other moves, the company's former chief accountant and controller has also left the company, and the vice president of treasury, mergers and acquisitions, and new markets, has been reassigned to a non-officer position. Pamela M. Geller remains treasurer of the company, and will report directly to Sheehan.
The company planned to file an 8K today updating investors on the status of its internal investigation with regard to the accounting for certain historical transactions.
“Mr. Dawes agreed to resign after the audit committee expressed a loss of confidence in him,” said Robert H. Brust, executive vice president and CFO of Eastman Kodak, and the outside director who chairs Delphi’s audit committee.
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