NEW YORK -- Struggling auto parts supplier Visteon Corp. on Monday said new Chief Operating Officer Donald Stebbins will receive an $850,000 salary and a $3 million signing bonus.
Stebbins, a former executive with auto interiors supplier Lear Corp., also is entitled to a guaranteed minimum $807,500 in 2005 under Visteon's annual incentive cash bonus program and participation in the long-term bonus plans.
The agreement has a two-year term, renewable automatically for successive one-year terms, Visteon said in a filing with the U.S. Securities and Exchange Commission.
Visteon shares surged after it announced Stebbins' hire, which spurred speculation that Visteon and former parent Ford Motor Co. were close to completing a deal to rework their business ties. The two companies have been in talks for months.