Delphi CEO Butterworth Departs

Liam Butterworth, who was appointed CEO of Delphi Technologies plc last December when the company was spun off from Delphi Automotive (now Aptiv plc), is leaving the company.

Butterworth’s departure comes as the powertrain supplier lowers its financial projections. Citing challenging industry dynamics, Delphi anticipates its full-year revenue will be flat. Adjusted operating margins is now expected to be 11.3%-11.5%, down from earlier projections of 2%-4% growth and an operating margin as great as 12.3%.  

Delphi’s stock had plunged 41% since it was first listed on the New York Stock Exchange last November.

Board director Hari Nair will serve as interim CEO while the company conducts a comprehensive search for a permanent replacement. Tim Manganello will continue in his role as nonexecutive board chairman.

Butterworth, 47, joined Delphi Automotive in 2012. Prior to being appointed CEO of the spinoff, he was senior vice president in charge of powertrain operations.

Nair previously was chief operating officer of Tenneco Inc. He started his career in the 1980s at General Motors Co.