Delphi Technologies PLC, a global provider of vehicle propulsion systems, announced that its board of directors has approved a $200 million share repurchase program and the suspension of its quarterly dividend.

“Given Delphi Technologies’ current share price and our confidence in new CEO Rick Dauch, the board of directors believes that it is appropriate to refocus our capital allocation priorities toward share repurchases rather than paying a quarterly dividend,” said Timothy Manganello, non-executive chairman of the board of directors. “This emphasizes our commitment to create long-term shareholder value.”

The company says it intends to commence share repurchases shortly after its current closed trading period restriction expires. The repurchase program replaces the prior authorization and is expected to be complete by the end of 2021.

The timing and amount of any share repurchases will be based on market conditions, share price and other factors.