Reply #39: The company claimed the execs are underpaid [View All]

[54anickel]

compared with rivals, but many are getting cuts. I posted an article that stated that in the SMW thread a while ago (week or so). Can't use the search function right now to track it down though.

Found this on google, Don't think it's the article I was thinking of though

http://www.washingtonpost.com/wp-dyn/content/article/2005/10/17/AR2005101700771_2.html

snip>

Under the plans announced Monday, President Rodney O'Neal will take a 20 percent cut in base pay and other top executives, who were at Delphi when Miller joined, will take 10 percent cuts. All the changes are effective January 1.

Miller said he remains concerned that Delphi executives are underpaid compared with rivals and said the severance plan for top executives provides a key benefit for Delphi.

Before declaring bankruptcy, the Troy, Michigan-based Delphi raised the severance for top executives other than Miller to 18 months from 12 months, if they were fired or left voluntarily, in exchange for noncompete agreements.

Miller said Delphi has no plans to extend pay cuts to salaried employees who, he said, already have competitive wages and contribute about 27 percent toward their health care, compared with a 7 percent contribution by hourly workers.