Monday, October 17, 2005

Let Them Eat Cake - Chapter 3249

Delphi's hourly workers were told to take a 50 percent cut or take a hike. Meantime, the Delphi bosses are asked for 10 to 20 percent cuts in "salaries" already bloated to the point of obscenity. Sigh . . . that's what BushCo means for America.

Delphi to reduce salaries of top execs amid criticism;
cuts to be 10% to 20%

By Terry Kosdrosky
Oct. 17, 2005 8:24 AM

Delphi Corp. has pulled back the salaries of some of its top executives after facing criticism for boosting their pay while asking hourly workers for steep wage cuts.

CEO Steve Miller will reduce his salary to $1 from $1.5 million, effective Jan. 1 and continuing until the company is out of bankruptcy, according to a statement released early Monday morning.

Officers who were at Delphi when Miller arrived will take a 10 percent cut in their base salary, while President and COO Rodney O’Neal will take a 20 percent cut. Those also are effective Jan. 1.

Miller received a $3 million signing bonus and a base salary of $1.5 million when he was hired in June.

Before filing for Chapter 11 bankruptcy protection, Delphi boosted the severance package for executives if they are laid off. Under that plan, they can receive up to 18 months of pay and some of their bonus, up from a cap of 12 months.

After filing for bankruptcy, Delphi filed a key-executive compensation program, which offered bonuses to encourage people to stay.

Both moves were harshly criticized by the United Auto Workers, which faces the prospect of its Delphi members taking huge wage and benefit cuts.

Others have defended the programs, saying a bankrupt company can find its good employees raided by competitors if it doesn’t offer them something extra.

More horrific news here.

Apparently, Chapter 11 bankruptcy means economic protection for positively every stakeholder in Delphi EXCEPT the wage earner.


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