If you’re an executive at
Delphior Visteon, congratulations – you’re going
to get handsomely rewarded for your company’s financial failures.
The top guys at Delphi will take
home up to a combined $38M in additional
bonuses as compensation for helping the supplier lose more than $5B over the past two years and pushing
the supplier into bankruptcy. Needless to say, the creditors committee disagreed with this pay hike, but the judge in
charge of
Delphi’s bankruptcy felt this was an appropriate
move. With a labor contract showdown looming in less than two weeks, this one goes straight into the “what the
hell was anyone thinking?!?” file.
Visteon, a company not in Chapter
11 solely by virtue of its corporate sugardaddy Ford, decided to hand out executive bonuses of 50-130%
of base pay, and additionally awarded “long-term incentives” of 120-475%. This is for a company
that would have lost over a half-billion dollars last year if not for a transfer of plants and workers to its former
owner. Visteon’s board of directors approved this compensation, and then voted a 75% pay increase for
themselves.
There are no reports of anyone
vomiting in shame while approving any of these pay raises.