DETROIT - Delphi Corp. CEO J.T. Battenberg III says his decision to opt for early retirement has "absolutely nothing" to do with a U.S. Securities and Exchange Commission investigation of accounting practices at the world's largest parts maker.
Battenberg, 61, announced his retirement on Feb. 23. Nine days later, the Delphi board of directors' audit committee said it had lost confidence in Delphi CFO Alan Dawes, who resigned.
In his first public appearance since then, Battenberg told reporters Monday that he had been planning to retire for some time.
"My retirement plans had absolutely nothing to do with this investigation," he said. "It has everything to do with my personal timetable."
Battenberg has been CEO of Delphi since it was spun off from General Motors six years ago. He has worked in the auto industry for 44 years.
Delphi has said a search is under way for Battenberg's replacement.
According to SEC filings, Delphi counted income and expenses in a way that inflated its performance, in one case adding $61 million to pretax income.