Delphi Appoints New Global Consumer Electronics General Director
LAS VEGAS, Jan. 5 /PRNewswire/ -- Delphi announced today that effective January 1, 2007, Max Rogers assumed the position of general director of the Consumer Electronics business unit within Delphi's Product & Service Solutions division. (Logo: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO ) "Max brings a wealth of professional experience that spans various companies, industries and markets," said Francisco Ordonez, president, Delphi Products & Service Solutions. "He is results driven, which combined with his diverse knowledge base, makes him a natural for the fast moving world of consumer electronics." Max has been an executive within Delphi for five years, first as the Global Sales Director for the Thermal Division in Lockport, New York, and most recently as Global Director of Sales, Marketing and Planning for Delphi Packard Electrical/Electronic Architecture division in Troy, Michigan. Prior to Delphi, he worked for TRW as the lead for high-tech business development initiatives in web-based products and applications. There he also worked within the automotive business of LucasVarity, a company acquired by TRW, as a business manager for Mexico and Latin America then as a Product Line Director. Before joining LucasVarity he was a business manager for the Product Design Center, a design and engineering services firm which specialized in commercializing advanced technology products for aerospace, light industrial and consumer markets. Prior to all of this Max had a career as a pilot in the United States Navy where he was a graduate from the United States Naval Test Pilot School. "Max has the challenge in front of him to continue to build upon the legacy Delphi has established in the realm of consumer electronics," said Ordonez. "Delphi was the first to partner with XM in the portable satellite arena, and has continued to deliver innovative technology each year. We just introduced the SKYFi3, and the NAV200. At CES we will add to those products with more great news. The challenge ahead is to continue to lead in technology and product development that delivers what consumers want. I know Max's leadership will do just that and result in continued strong growth in consumer electronics at Delphi." For more information about Delphi and its subsidiaries, visit Delphi's media room at http://www.delphi.com/media. FORWARD-LOOKING STATEMENT This press release, as well as other statements made by Delphi, may contain forward-looking statements 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 facility; the company's ability to obtain court approval with respect to motions in the chapter 11 cases 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; the company's ability to satisfy the terms and conditions of the Equity Purchase and Commitment Agreement with its Plan Investors; the company's ability to satisfy the terms and conditions of the Plan Framework Support Agreement with GM and its Plan Investors (including the company's ability to achieve consensual agreements with GM and its U.S. labor unions on a timely basis that are acceptable to the Plan Investors in their sole discretion); 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 (including the transformation plan described in Item 1. Business "Potential Divestitures, Consolidations and Wind-Downs" of the Annual Report on Form 10-K for the year ended December 31, 2005 filed with the SEC) and to do so in a timely manner; the ability of the company to attract, motivate and/or retain key executives and associates; the ability of the company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees; 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, 2005. 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 interests and cancellation of their interests. 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 pre-petition liabilities.
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