Delphi Chairman Miller in-line for $8.3 million

[UpInArms]

Source: Reuters

CHICAGO, Jan 2 (Reuters) - Delphi Corp (DPHIQ.PK: Quote, Profile, Research) chairman Steve Miller would receive $8.3 million cash with the auto parts maker's emergence from bankruptcy protection later in 2008, according to court documents filed in late December.

Miller, who had been a focal point of tension between Delphi's unionized hourly workers and management when the company filed for bankruptcy in October 2005, would receive the payments under a plan approved on Dec. 28.

Miller was succeeded as chief executive of Delphi last year by Rodney O'Neal. Miller is expected to step down as executive chairman of Troy, Michigan-based Delphi when it emerges from bankruptcy protection, possibly in the first quarter of 2008.

A former chairman and CEO of Federal-Mogul Corp and Bethlehem Steel, Miller had taken a $1 salary and no bonus during the reorganization. He retained a $3 million signing bonus he received to join Delphi in mid-2005.

Delphi has divested several businesses and cut thousands of jobs in the restructuring. A U.S. Bankruptcy Court hearing has been set for Jan. 17 to confirm the reorganization plan.

Read more: http://www.reuters.com/article/bondsNews/idUSN0217265820080102

---

and here's a bit of history from 2006:

Delphi reports $2.6 billion loss for first half of 2006

DETROIT – Delphi Corp., the nation's largest auto supplier, said Tuesday it lost $2.6 billion in the first half of 2006, due largely to the cost of employee buyout and early retirement packages that are key to the company's bankruptcy reorganization.

The loss was more than three times the $741 million that Delphi lost in the first half of 2005.


Advertisement
The company, which filed for Chapter 11 bankruptcy protection in October, said revenues increased slightly to $14.0 billion from $13.9 billion last year.

Delphi, a former arm of General Motors Corp., reported progress in diversifying its sales, with non-GM revenue increasing 9 percent to $7.7 billion compared with $7.1 billion in the first half of 2005.

The first-half loss included about $1.9 billion in charges related to buyouts and early retirements.

About 12,500 workers represented by the United Auto Workers signed up for early retirement. More UAW members are eligible for buyout packages, which were offered later, and they have until Sept. 15 to decide.

The 7,900 Delphi workers represented by the International Union of Electronic Workers-Communications Workers of America were offered similar deals and had until Wednesday to sign up. Employees who accept the offers have seven days to change their minds, so Delphi was holding off on disclosing a final tally.

...more...

[Kolesar]

1. If Miller didn't get the $8.3 million, he would not have thought it was worth his 3 years of effort

He would have been the laughing stock of the Grosse Point country club.

[rurallib]

2. And Mitt wouldn't return his calls.

8.3 mil equals how many $40,000 jobs?