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Delphi CFO Resigns Amid Accounting Woes

Vice Chairman and CFO Alan S. Dawes has resigned.

> > Improper accounting for payments from suppliers, and for off-balance-sheet financing of indirect materials and inventory, resulted in the overstatement of cash flow from operations, to the tune of about $200 million in 2000.
The Troy, Michigan-based company added that it would restate its results after finding accounting errors dating back to 1999, the year Delphi was spun off from General Motors.
Source: CFO


Published:2005-03-07
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