Delphi Corp Chief Financial Officer Alan Dawes, resigned after directors "expressed a loss of confidence in him."

Ouch!

An internal investigation by the audit committee was ongoing and that the company continued to cooperate with a Securities and Exchange Commission investigation.

Delphi reported in September that the SEC was investigating certain transactions with Electronic Data Systems Corp., its longtime technology services provider.

More info to come as it develops. For now, just read about it here, here and here.