DETROIT -- Delphi Corp. CFO Alan Dawes resigned Friday, March 4, after the audit committee of the supplier's board of directors said it had lost confidence in him.
Delphi also said Paul Free, chief accountant and controller, left the company, and John Blahnik, vice president of treasury, mergers and acquisitions and new markets, had been reassigned to a non-officer position.
In a filing Friday with the Securities and Exchange Commission, Delphi said its internal review found that its cash flow from operations was improperly inflated by $200 million in 2000 by off-balance-sheet transactions. It also said pre-tax income was inflated by $61 million in 2001 by improper accounting for rebates from information technology suppliers.
Delphi said it will have to restate all of its financial reports from 2001 and later.
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