DETROIT - Although it relies on the auto industry for almost all its sales, Delphi is dropping the automotive connection in its name. Delphi Automotive Systems Corp. became Delphi Corp. on Friday, March 15, after board approval on Wednesday, March 13.
Delphi is trying to diversify into non-automotive businesses by selling such products as electronics for use in computers and telephones. The new name "more accurately" reflects the company's breadth of technologies and services, officials said.
Delphi derived just 2 percent of 2001's $26.1 billion revenue base from outside the automotive industry. Former parent General Motors made up 68 percent of sales.
In a separate development, Delphi CEO J.T. Battenberg III was paid $1.45 million in salary, $1.28 million in long-term incentive pay and $130,501 in other compensation, according to a proxy filed with the Securities and Exchange Commission. He received options on 1 million Delphi shares valued at $4.37 million last year, up from 650,000 shares in 2000 valued at $3.82 million.