DETROIT -- The UAW filed a blistering objection in federal court to Delphi Corp.'s plan to compensate as many as 600 executives with as much as $500 million in bonuses, stock and severance pay, according to The Detroit News.
Delphi CEO Steve Miller told the paper that the perks are necessary to keep key executives from defecting. The paper reported that executives of the Troy, Mich., supplier get bonuses if they stick with Delphi through the first six months of its bankruptcy protection case and when the company comes out of it. Executives get severance pay if forced to leave the supplier. The stock options alone could be valued at $400 million.