Delphi Chairman Miller in-line for $8.3 million
CHICAGO, Jan 2 (Reuters) - Delphi Corp DPHIQ.PK 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.
O'Neal would receive $5.3 million cash upon Delphi's emergence from bankruptcy and could receive $10 million in long-term compensation from restricted stock and options, according to the court papers.
O'Neal's base salary would be $1.5 million, with an annual incentive bonus of at least 125 percent of the base salary and a long-term incentive plan.
(Reporting by David Bailey, editing by Leslie Gevirtz)
((david.bailey@reuters.com; +1 312 408 8135; Reuters Messaging: david.bailey.reuters.com@reuters.net)) Keywords: DELPHI/
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