A day before filing bankruptcy, Delphi increased the severance packages of its executives in the event they are laid off, including such provisions as extending the time period in which they receive their pay and some of their bonus to 18 months versus the previous 12. Obviously, when the company filed bankruptcy a day later and demanded such concessions from the UAW as a 63 percent pay cut among other things, the union was none too happy.
It's never too late to try to make amends, I guess. In a statement released today, Delphi will cut the salaries of its execs by 10 percent, President and COO Rodney O'Neal will see his salary drop 20 percent. CEO Steve Miller's salary will drop from $1.5 million to $1. Miller was hired recently after the retirement of JT Battenburg III with a $3 million signing bonus and a base salary of $1.5 million.