The finance department of Delphi Corp. is not a fun place to be right now. The accounting errors that cost CFO Alan Dawes his job this year continue to reverberate through the giant supplier.
Two more finance executives resigned last week, bringing the number of resignations to four since accounting irregularities were revealed in March. Also, Atul Pasricha, vice president and executive director of business lines, was demoted to a nonofficer position.
Delphi and the U.S. Securities and Exchange Commission are investigating how the company accounted for rebates from suppliers and the sale and repurchase of inventory.
Troubles for the Troy, Mich., supplier are mounting on other fronts. Standard & Poor's downgraded Delphi's rating from BB to B+, a further step down the junk bond ladder.