Top executives at Delphi Corp. reportedly said on Monday they would take a pay cut while the auto supplier seeks concessions from its hourly workers as part of a financial reorganisation under federal bankruptcy protection.
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Chairman and CEO Steve Miller will reduce his $US1.5 million base salary to $1 per year from January 1, 2006, and it will continue until the company successfully emerges from Chapter 11, the Associated Press (AP) reported.
Officers who were at Delphi at the time when Miller joined the company have volunteered to waive 10% of their base pay. President Rodney O’Neal will give up 20%, also effective in January, the report added.
The Associated Press noted that Miller has previously said Delphi, which filed for Chapter 11 protection two weekends ago, plans to propose cuts to its unions on October 21. If an agreement isn’t reached by mid-December, Delphi has indicated it will ask a bankruptcy judge to void its contracts.
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