April 27, 2011 / 9:40 PM / 6 years ago

CORRECTED - CORRECTED-Visteon CEO's 2010 pay package of $27 mln

(Corrects month in second paragraph to June, not December, as earlier sent)

* Earnings include $21 mln stock that vests over 3 yrs

* Pay package on par with Ford’s Mulally

DETROIT, April 27 (Reuters) - The chief executive of Visteon Corp (VC.N) was awarded nearly $27 million in cash and stock in 2010, the year the auto parts supplier emerged from Chapter 11 bankruptcy, although much of that will not vest until 2013.

The pay package for CEO Donald Stebbins, who became CEO of Visteon in June 2008, included $21.2 million in stock awards that vest over three years, according to the company’s proxy statement filed on Wednesday.

“It’s in the form of one-time equity grants that were outlined in the plan of reorganization that was overwhelmingly approved by all creditor and shareholder classes when Visteon emerged from Chapter 11,” company spokesman Jim Fisher said.

“We did successfully emerge from Chapter 11 and the company is well-positioned for future success,” Fisher said.

Fisher said there is no guarantee the stock awards will vest at the value listed.

In addition to the stock awards, Stebbins’ $27 million pay package included $1.2 million in salary and a $2.25 million bonus.

His total compensation was up from $3.3 million in 2009. (Reporting by Deepa Seetharaman and Dena Aubin. Editing by Robert MacMillan)

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