Nair, who has more than 30 years of automotive executive experience, has also been a director of Delphi Technologies since it became a public company in December 2017. He started his career at General Motors, before joining Tenneco Inc., where he held several senior leadership positions in global operations and the aftermarket sector. He served as Tenneco’s Chief Operating Officer from 2010 to 2015 and was a member of the Tenneco Board of Directors from 2009 to 2015.
“We are pleased that a leader of Hari’s caliber and experience has agreed to lead the company on an interim basis,” said Timothy M. Manganello, non-executive Chairman of the Board of Directors. “With more than three decades of experience, Hari has a deep understanding of our industry and the opportunities ahead of us. Our experienced Board will continue to lend its expertise to Hari and the organization while we identify our next CEO and will ensure a smooth transition. On behalf of the Board, I would like to thank Liam for his service and contributions to the company”.
Nair said, “I am looking forward to continue working with the Board and the management team to further strengthen Delphi Technologies’ leadership in key areas of our portfolio. My focus will be to continue to position the company for long-term profitable growth.”
Revised outlook for full year 2018
Delphi Technologies has also updated its full year outlook for 2018. Primarily due to more challenging industry dynamics as well as other factors, the company now expects full year 2018 revenue to be consistent with the prior year level, adjusted for foreign currency exchange rates. This compares to the company’s previous full year 2018 revenue growth guidance of 2 to 4%.
In addition, the company now expects full year 2018 adjusted operating margin to be in the range of 11.3% to 11.5 %. This compares to the company’s previous full year 2018 adjusted operating margin range of 12.1% to 12.3%. Further details of Delphi Technologies revised full year 2018 outlook will be provided during the company’s third quarter 2018 earnings call on November 7.
Use of non-GAAP financial information
This press release contains projections of Delphi Technologies’ financial results which are not presented in accordance with U.S. GAAP. Specifically, expected Adjusted Operating Margin is defined as expected Adjusted Operating Income as a percentage of expected Revenue. Adjusted Operating Income is a non-GAAP financial measure. Adjusted Operating Income represents net income before interest expense, other income (expense), net, income tax expense, equity income (loss), net of tax, restructuring, separation costs and asset impairments.
The Company presents Adjusted Operating Income as a supplemental measure of the Company’s financial performance which management believes is useful to investors in assessing the Company’s ongoing financial performance that, when reconciled to the corresponding U.S. GAAP measure, provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company’s core operating performance and which may obscure underlying business results and trends. Our management utilizes Adjusted Operating Income in its financial decision making process, to evaluate performance of the Company and for internal reporting, planning and forecasting purposes. Not all companies use identical calculations of Adjusted Operating Income, therefore this presentation may not be comparable to other similarly titled measures of other companies.
SOURCE: Delphi
