Delphi Tech CEO steps down over 10 months into the job
Oct 5 (Reuters) - Auto parts supplier Delphi Technologies Plc said on Friday Chief Executive Officer Liam Butterworth was stepping down, more than ten months after taking the post.
The company, which also cut its full-year revenue forecast, said director Hari Nair would be the interim chief and its board has commenced a comprehensive search to identify a permanent CEO.
Butterworth had taken the top job in December after Delphi was spun off from Delphi Automotive, now known as Aptiv Plc . Nair has been a director at Delphi since the spin-off.
Nair has previously worked with Tenneco Inc and General Motors Co.
The company said it expects full-year revenue growth to be about flat, compared with its previous forecast of up 2 percent to 4 percent.
Delphi, citing challenging industry dynamics, also cut its full-year adjusted operating margin forecast range to 11.3 percent to 11.5 percent, from 12.1 percent to 12.3 percent.
Up to Thursday's close, Delphi's shares had fallen about 41 percent since their listing on the New York Stock Exchange in late November. (Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)