M&A

4 November, 2009

UPDATE 1-Delphi forms new board

* Names former DuPont exec as chairman

* Xerox CFO, GM's Cowger to join board

* Says more appointments expected

Nov 4 (Reuters) - Delphi, the U.S. auto-parts maker that emerged from a four-year bankruptcy in October, said it is forming a new board of managers that will be led by former chairman of DuPont (DD.N), John Krol.

Others joining Krol on the board include General Motors' [GM.UL] Gary Cowger, chief financial officer of Xerox Corp (XRX.N) Lawrence Zimmerman, Chief Executive of Flextronics International Ltd (FLEX.O) Michael McNamara, former CEO of Rohm and Haas Co Rajiv Gupta and J. Randall MacDonald, senior vice president, human resources at IBM (IBM.N).

Cowger, who is group vice president of global manufacturing and labor relations for GM, will retire from the company on Dec. 1.

Additional appointments to the board are expected, Delphi said in a statement.

Delphi, which once made a very broad array of auto parts, narrowed its product line to electronic and safety components; powertrain; thermal; electrical and electronic systems after being hit by high costs for wages and legacy benefits. (Reporting by Bhaswati Mukhopadhyay in Bangalore; additional reporting by Sakthi Prasad in Bangalore; Editing by Erica Billingham and Deepak Kannan)

Source: http://www.reuters.com