PPG Names Former Delphi, Sprint Executive As Finance Chief

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; [e-mail]