PPG Industries Inc. (PPG) said Robert J. Dellinger, a former
chief financial officer for Delphi Corp. (DPHIQ) and also what is
now Sprint Nextel Corp. (S), was named CFO of the paint, glass and
chemicals maker.
He will take the position Oct. 15, replacing the retiring
William H. Hernandez. He announced in May he would leave by year's
end.
Dellinger joins a company that has been hit hard by weak demand
as its industrial and automotive customers cut output and hold off
on restocking inventories. PPG has been closing plants and cutting
jobs in two major restructurings in the past year. On Thursday,
Moody's Investors Services downgraded PPG one notch closer to junk
territory, citing the manufacturer's slower-than-expected debt
reduction and concerns a slow economic recovery may hurt its credit
levels over the next two years.
Dellinger began his career with General Electric Co. (GE). Over
a 19-year tenure with GE, he held various financial-management
positions. Dellinger left GE in 2002 to become financial chief at
Sprint, a position he held until the company acquired Nextel. He
assumed the CFO's title at Delphi when it filed for bankruptcy in
late 2005. He resigned in October and the company is still trying
to emerge from bankruptcy protection.
In recent trading, PPG shares were up 20 cents at $55.60. The
stock is up 31% this year.
-By Mike Barris, Dow Jones Newswires; 212-416-2330;
mike.barris@dowjones.com