We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Delphi Relents On Executive Bonus Plan

Law360 (February 9, 2006, 12:00 AM EST) -- Responding to objections by creditors, shareholders, and rank-and-file employees, bankrupt auto parts maker Delphi said it will scratch $10.4 million from an executive incentive plan that has brought workers to the brink of a strike.

Delphi acknowledged that paying the executive bonuses now may hamper a labor deal it hopes to reach with the United Auto Workers union, which represents about 70% of Delphi’s 34,000 hourly workers.

Based on a sliding scale subject to company earnings, Delphi's new plan will pay senior managers $20.6 million in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.