Delphi Automotive Creates New Board Of Directors

NEW YORK (AP) — Delphi Automotive LLP, which exited bankruptcy protection last month, said Wednesday that it has created a new board that will be led by former DuPont Chairman John Krol.

The Troy, Mich., auto parts supplier has also tapped General Motors executive Gary Cowger for a seat. Cowger, 62, serves as GM's group vice president of global manufacturing and labor relations but plans to retire from the company on Dec. 1.

Delphi is a crucial parts supplier for GM, which spun the company off in 1999. The company emerged from bankruptcy protection in early October after completing a deal with its lenders and receiving a promise for billions in loans from GM.

On Monday, GM said it received permission to use $2.8 billion of its government aid to help buy a stake of the parts supplier, which was known as Delphi Corp. before its emergence from Chapter 11 protection. Elliott Management and Silver Point Capital, the lenders that helped bring Delphi out of bankruptcy, also own a stake.

Privately held Delphi said the remainder of the board will be filled with individuals from a variety of fields, including those experienced in electronics, finance and automotive manufacturing and supply.