Delphi to Form New Board: Report

TROY, Mich. (TheStreet) -- Delphi is forming a new board of directors with, retired DuPont (DD) chief executive John Krol tapped as the chairman, according to a report.

Delphi will announce seven new members of a board that includes a majority of directors with no ties to either former parent General Motors or Delphi's lenders, which bought most of the auto-parts maker's assets, The Wall Street Journal reports.

Delphi emerged from bankruptcy in October after a tumultuous four years by selling some assets to GM and most of the remainder to a group of lenders including Silver Point Capital LP and Elliott Management.

In addition to Krol, the Journal said the other initial independent directors include Rajiv Gupta, the former Rohm & Haas CEO, J. Randall MacDonald, senior vice president for human resources at IBM (IBM), Michael McNamara, CEO of Flextronics (FLEX), Lawrence Zimmerman, vice chairman and chief financial officer of Xerox (XRX), and Sean O. Mahoney, a private financier and a former vice chairman at Deutsche Bank (DB) Securities.

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

-- Written by Robert Holmes in New York.

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