Steve Miller takes the helm at Delphi July 1.
Also, Miller could earn an additional $2 million total in incentives over the next three years for meeting performance targets, according to a Delphi filing with the U.S. Securities & Exchange Commission.
Miller, 63, was named Thursday to succeed J.T. Battenberg III, 62, at the supplier. He starts his job on July 1.
Miller is an auto industry veteran. Most recently, he was chairman of Federal-Mogul Corp. He was also vice chairman at the former Chrysler Corp.
Battenberg, Delphi's founding chairman, will leave the company on July 1. But he will be available for consulting for a total of 30 days over the next several months.
Battenberg had earlier announced his intention to retire before the end of the year.
Miller is known as a corporate turnaround expert and has helped Federal-Mogul move closer to emerging from Chapter 11 bankruptcy protection.
Delphi has struggled as a result of decreased production by General Motors, its largest customer.
The supplier also is embroiled in an internal accounting scandal that has led to several high-ranking resignations. The company expects to release revised financial reports by June 30. Battenberg has not been implicated in the scandal.
Delphi of Troy, Mich., ranks No. 1 on the Automotive News list of the top 150 suppliers to North America with North American original-equipment automotive parts sales of $17.60 billion in 2004.
You may e-mail Dale Jewett at [email protected]