Delphi Simultaneously Announces CEO Departure and Guidance Cut; Maintaining $52 FVE
Narrow-moat Delphi Technologies announced the departure of CEO Liam Butterworth after less than a year on the job. While the unexpected exit of a C-suite executive is never a good sign, we think the market reaction, taking the share price down nearly 12% on the news, resulted from the guidance cut simultaneously announced with the CEO's departure. Because roughly 40% of Delphi's revenue comes from Europe, we suspect the change in guidance was a result of the impact on customers' production from ...
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