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Delphi Automotive CEO O’Neal to retire next year

Auto parts maker Delphi Automotive says CEO Rodney O’Neal will retire on March 1 of next year.

The company says O’Neal will stay on as an adviser through 2015. Chief financial officer Kevin Clark will become chief operating officer October 1 and succeed O’Neal as CEO next year.

The 61-year-old O’Neal led Delphi through bankruptcy restructuring from 2005 to 2009, and supervised its return to the public stock markets in 2011. He recently appeared before a congressional subcommittee to explain Delphi’s role in manufacturing an ignition switch involved in a huge General Motors recall.

The company says the total value of Delphi’s stock has more than tripled to US$21 billion under O’Neal’s leadership.

Delhi is GM’s former parts-making unit. The automaker spun it off as a separate company in 1999.