DETROIT -- Delphi Corp. said on Friday that CEO J.T. Battenberg had been paid $9.5 million in salary, bonus and stock options for 2002, after the world's largest automotive supplier increased its operating profits.
Delphi said Battenberg was paid a base salary of $1.6 million, a bonus of $2.1 million, stock worth $2.1 million and received $945,000 under the company's long-term incentive plan. He was also granted options on 605,882 Delphi shares with a present value of $2.6 million, and received about $110,000 in other compensation.
Last year, Battenberg's compensation included a salary of $1.4 million, $1.28 million in long-term incentives and stock options valued at $4.37 million. Those options currently have no value.
In its proxy, Delphi said it paid some performance-based bonuses in 2002 because a minimum level was met.
Delphi posted year-over-year increases in both revenue and earnings for 2002. In the last two years, Delphi has cut its U.S. hourly work force by 7,600 jobs, to 43,000, through attrition and separation packages.