Delphi Names Acting Chief Financial Officer

Alan Dawes Leaves Delphi; Company to File 8K Today

TROY, Mich., March 4 -- The Board of Directors of Delphi Corp. today announced that Vice Chairman and Chief Financial Officer, Alan S. Dawes, is leaving the company and has resigned from its Board of Directors and its strategy board.

John D. Sheehan has been named acting CFO, effective immediately. Sheehan, 44, is the company's chief accounting officer and controller and will retain those responsibilities as well. He has been named to the Delphi strategy board and will report to Chairman and CEO J. T. Battenberg III. The company's Board of Directors also announced it would conduct an internal and external search for a permanent CFO.

In other moves, the company's former chief accountant and controller has also left the company, and the vice president of Treasury, Mergers & Acquisitions, and New Markets, has been reassigned to a non-officer position. Pamela M. Geller, 39, remains Treasurer of the company, and will report directly to Sheehan.

The company will file an 8K today updating investors on the status of its internal investigation with regard to the accounting for certain historical transactions.

The company's Board of Directors concluded that these moves are in the best interests of Delphi.

"Mr. Dawes agreed to resign after the audit committee expressed a loss of confidence in him," said Robert H. Brust, executive vice president and CFO of Eastman Kodak Co. and the outside director who chairs Delphi's audit committee. Brust also said the internal investigation by the audit committee is ongoing and that the company continues to cooperate fully with the SEC's investigation.

Brust said that Sheehan's strong background in public accounting, in conjunction with his current responsibilities, will help assure a smooth transition until a permanent CFO is named.

Sheehan joined Delphi from KPMG LLP in July 2002, where he had been a partner. His experience included 20 years at KPMG LLP in a number of assignments in the United States, England and Germany. A native of Trumbull, Conn., he earned a BBA in Accounting from St. Bonaventure University in St. Bonaventure, NY. He is a licensed CPA in Michigan and Connecticut and a member of the American Institute of Certified Public Accountants. Sheehan also served as President of the Board of Directors for the International School of Stuttgart, Germany from 1999-2001.

For more information about Delphi Corporation, please visit http://www.delphi.com/media . Delphi's filing on Form 8K updating investors as to the status of Delphi's internal investigation is available on the company's website.