Nelson to Retire After 48-year Distinguished Career in Industry
TROY, Mich., Feb. 17 /PRNewswire-FirstCall/ -- The Board of Directors of
Delphi Corp. (Pink Sheets: DPHIQ) announced today that Sidney Johnson has been
named vice president for global supply management, effective immediately.
Johnson, currently director of global supply management for the company's
Delphi Packard Electric operations, succeeds R. David Nelson, who plans to
retire soon following a distinguished 48-year career in automotive and other
industries. Additionally, Johnson will be a member of the Delphi Strategy
Board, the company's top policy-making group.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO )
Johnson, 44, joined General Motors in 1994 as a senior supplier quality
engineer at its Saturn division in Spring Hill, Tenn. He moved to Delphi's
Harrison Thermal Operations in Dayton, Ohio in 1995 and held a variety of
operating assignments in manufacturing, purchasing, quality and materials
management for the next several years. In 1998, he was named senior manager
for supplier quality and development for Delphi Interior Systems. In 2000, he
was promoted to manager of purchasing at Delphi Packard Electric Systems.
He was named director of purchasing for Packard in 2002 and promoted to
his most recent position in 2003.
Johnson will report to Delphi President and Chief Operating Officer Rodney
O'Neal. Nelson will remain at Delphi for several months to ensure an orderly
transition of responsibilities.
Nelson, 68, worked for TRW Inc. from 1957 to 1987 in various
manufacturing, quality control, materials, purchasing, sales, and marketing
positions. In 1987, he joined Honda of America manufacturing and served for
ten years as a corporate officer of at the company's operations in Marysville,
Ohio, as vice president of purchasing and later as senior vice president of
purchasing and corporate affairs. He was promoted to the Board of Directors of
Honda of America Manufacturing in 1997.
Later that same year, Nelson was named vice president of worldwide supply
management at Deere & Company in Moline, Ill. Nelson joined Delphi and was
named to his current position effective February 2002.
Nelson has long been involved in advancing the purchasing and supply
management profession and holds a Certified Purchasing Manager certification.
He is chair emeritus of the Institute of Supply Management and serves as a
member of the Board of Trustees of CAPS Research, promoting academic research
in strategic issues involving supply management. He remains actively involved
in a variety of industry and professional associations and has co-authored
books on Honda and supply chain management at several companies.
For more information about Delphi (Pink Sheets: DPHIQ), visit
http://www.delphi.com .
This press release, as well as other statements made by Delphi may contain
forward-looking statements within the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, that reflect, when made, the
Company's current views with respect to current events and financial
performance. Such forward-looking statements are and will be, as the case may
be, subject to many risks, uncertainties and factors relating to the Company's
operations and business environment which may cause the actual results of the
Company to be materially different from any future results, express or
implied, by such forward-looking statements. Factors that could cause actual
results to differ materially from these forward-looking statements include,
but are not limited to, the following: the ability of the Company to continue
as a going concern; the ability of the Company to operate pursuant to the
terms of the debtor-in-possession ("DIP") facility; the Company's ability to
obtain court approval with respect to motions in the chapter 11 proceeding
prosecuted by it from time to time; the ability of the Company to develop,
prosecute, confirm and consummate one or more plans of reorganization with
respect to the chapter 11 cases; risks associated with third parties seeking
and obtaining court approval to terminate or shorten the exclusivity period
for the Company to propose and confirm one or more plans of reorganization,
for the appointment of a chapter 11 trustee or to convert the cases to chapter
7 cases; the ability of the Company to obtain and maintain normal terms with
vendors and service providers; the Company's ability to maintain contracts
that are critical to its operations; the potential adverse impact of the
chapter 11 cases on the Company's liquidity or results of operations; the
ability of the Company to fund and execute its business plan; the ability of
the Company to attract, motivate and/or retain key executives and associates;
and the ability of the Company to attract and retain customers. Other risk
factors are listed from time to time in the Company's United States Securities
and Exchange Commission reports, including, but not limited to the Annual
Report on Form 10-K for the year ended December 31, 2004 and its most recent
quarterly report on Form 10-Q for the quarter ended September 30, 2005 and
current reports on Form 8-K. Delphi disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events and/or otherwise.
Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the
Company's various pre-petition liabilities, common stock and/or other equity
securities. Additionally, no assurance can be given as to what values, if any,
will be ascribed in the bankruptcy proceedings to each of these
constituencies. A plan of reorganization could result in holders of Delphi's
common stock receiving no distribution on account of their interest and
cancellation of their interests. As described in the Company's public
statements in response to the request submitted to the United States Trustee
for the appointment of a statutory equity committee, holders of Delphi's
common stock and other equity interests (such as options) should assume that
they will not receive value as part of a plan of reorganization. In addition,
under certain conditions specified in the Bankruptcy Code, a plan of
reorganization may be confirmed notwithstanding its rejection by an impaired
class of creditors or equity holders and notwithstanding the fact that equity
holders do not receive or retain property on account of their equity interests
under the plan. In light of the foregoing and as stated in its October 8, 2005
press release announcing the filing of its chapter 11 reorganization cases,
the Company considers the value of the common stock to be highly speculative
and cautions equity holders that the stock may ultimately be determined to
have no value. Accordingly, the Company urges that appropriate caution be
exercised with respect to existing and future investments in Delphi's common
stock or other equity interests or any claims relating to prepetition
liabilities.
SOURCE Delphi Corp.
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Related links:
http://www.delphi.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/076666.html
CONTACT:
Lindsey Williams of Delphi Corp.,
+1-248-813-2528, lindsey.c.williams@delphi.com
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