USA: Delphi president gets bonus for staying on with new CEO
Delphi has given its president and chief operating officer a raise and a bonus as an incentive to stay on despite the board's decision to hire someone else as chief executive.
Rodney O'Neal, who began his career at General Motors Corp. in 1971 and has been Delphi's president since 2003, will receive a $1.1 million base salary and an $800,000 bonus, the company said in a filing with the U.S. Securities and Exchange Commission, AP reported.
O'Neal's base salary was $850,000 in 2003, the last year it was available.
O'Neal also will be eligible for a lump-sum payment of $1 million if he isn't selected as chief executive officer when Delphi's new CEO Robert S. Miller steps down. Delphi announced Thursday that it hired Miller after an international search.
"Your continued employment with Delphi during and after this transition is vital, as you are considered the leading candidate to succeed Mr. Miller as CEO, if and when he vacates this position," Delphi said in a letter to O'Neal.
Miller praised O'Neal in an interview with The Associated Press Wednesday, saying he has a deep knowledge of Delphi's products and operations. Miller's base salary is $1.5 million.
"I come from a background is heavily on the finance side," Miller said. "We can't do our jobs unless we do them together."