Lear Corp. CEO Robert Rossiter suffered a shareholder defeat of a plan to sell the company to Wall Street raider Carl Icahn this year. Not long after that, his heir apparent, Douglas DelGrosso, left "to pursue other opportunities."
So last week Lear's board decided it had better hold on to Rossiter or face a leadership void at the top. The supplier gave Rossiter a 13.6 percent bump in his base pay and extended his contract until Dec. 31, 2010.
The company raised Rossiter's base salary to $1.25 million and made him eligible for a bonus of $1.875 million, according to a filing with the Securities and Exchange Commission.
Shareholders could cry foul, but he got the company back in the black this year. Lear posted net income of $214.5 million for the first nine months of 2007, compared with a net loss of $62.5 million during the same period a year ago.