DETROIT -- Delphi Corp. CEO Steve Miller earned $875,000 in salary between June and years end before he reduced his salary to $1 for 2006 in light of the companys bankruptcy filing.
The $875,000 was in addition to a $3 million signing bonus that the turnaround specialist received for joining Delphi in June.
Millers salary and that of several top executives and directors were disclosed Friday in financial documents filed with the U.S. Bankruptcy Court in New York.
Delphi, of Troy, Mich., put its U.S. operation into Chapter 11 bankruptcy protection Oct. 8. Delphi ranks No. 2 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $24.10 billion in 2004.
Delphi President and COO Rodney ONeal received salary of $1,027,500 for the 12 months between Oct. 7, 2004 and Oct. 7, 2005, according to the financial disclosure.
Executive compensation at Delphi has been a lightning rod for criticism because the global auto parts producer has sought major concessions from its union workforce in the United States.
Miller contends his executive team has been underpaid while Delphi's hourly workforce commands significantly higher wages than the labor market dictates.
The company has proposed various bonus plans to retain its management team during the bankruptcy reorganization, but those plans are being opposed in court by the United Auto Workers along various creditors.
Miller cut his pay to $1 a year shortly after the bankruptcy was filed.
He told the Automotive News World Congress earlier this week that he hopes Delphi's former parent company, General Motors, will be able to assist in the reorganization and help provide a "soft landing" for Delphi's hourly workers who face job cutbacks or wage cuts. Negotiations are continuing.
The company also released information on its assets and liabilities.
Delphi said its assets as of Sept. 30, 2005 were $16.4 billion. The supplier put its liabilities as of Oct. 14, 2005, at $26 billion.
The unconsolidated numbers are unaudited and reflect exclusions, including goodwill, intangible pension assets and assorted accrued liabilities, such as tax accruals and accrued salaries and employee benefits.
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