Delphi Takes $4M Bite Out Of CEO's Bonus

Law360, New York (February 21, 2008, 12:00 AM EST) -- Auto parts maker Delphi Corp., recently ordered to slash the $87 million in bonuses earmarked for its executives, has begun with CEO Rodney O'Neal's incentive plan, cutting over $4 million from the proposed bonus.

In a filing with the U.S. Securities and Exchange Commission on Wednesday, Delphi said that it would pay O'Neal a $1 million bonus, a drastic reduction from the $5.3 million that the company had originally proposed.

Though O'Neal's cash bonus has been decreased, Delphi increased the proposed value of the stock options...
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