M&A

4 November, 2009

Delphi to form new board on Wednesday - WSJ

Nov 4 (Reuters) - Delphi, the auto-parts maker that emerged from a four-year bankruptcy in October, is forming a new board of directors and will name retired Dupont (DD.N) Chief Executive John Krol as its chairman, the Wall Street Journal said.

Initially, Delphi Chief Executive Rodney O'Neal would not be offered a board seat, the paper said.

On Wednesday, 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.

Delphi could not be immediately reached for comment outside regular U.S. business hours.

(Reporting by Sakthi Prasad in Bangalore; Editing by Erica Billingham)

Source: http://www.reuters.com