Nelson to Retire After 48-year Distinguished Career in Industry
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 a several companies.
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.
CONTACT: Lindsey Williams of Delphi Corp., +1-248-813-2528,
Web site: http://www.delphi.com/