Visteon CEO Stebbins gets a bigger compensation than Ford’s Mulally

Article by Christian A., on May 8, 2011

Visteon Corp. has given Chief Executive Officer Donald Stebbins a compensation package in 2010 that totaled $26.9 million, up from $3.3 million the previous year. The compensation was fueled by a stock award of $21.2 million, which is the result of how the company’s 16-month bankruptcy reorganization was used to provide a financial windfall to its executives while scrubbing payables of $2.1 billion in debt.

The company and its bondholders have drafted a plan that offered around 2 million new stocks to Stebbins, his team of executives and the bondholders.

However, according to a former shareholder group who requested anonymity, the plan left the shareholders in the lurch. Visteon’s corporate communications director Jim Fisher stated that the compensation for the executive team was approved by the company’s shareholders and creditors as part of the reorganization plan.

Even with more than ten years of bleeding cash and the controversial reorganization procedures, the compensation paid to Stebbins is more than those paid to any other CEO of a public company.

For one, it is higher than the $21.3 million that CEO Andrew Liveris received from Dow Chemical Co. last year. It is also greater than what CEO Alan Mulally at Ford Motor Co. received, which is $26.5 million. In addition, CEO Sergio Marchionne at Chrysler Group received $2.87 million in stock-based compensation in 2010, but not a salary.

Being the CEO of Fiat S.p.A. also, Marchionne was paid $4.8 million last year. Fiat controls Chrysler through the 2009 government-sponsored reorganization. Moreover, CEO Daniel Akerson at General Motors had a $9 million annual compensation package. His pay is regulated by the federal government as part of the company’s taxpayer bailout in 2009.

If you liked the article, share on:

Topics: visteon

Comments

Recommended

November 17 is considered a very special day for Tesla, as this is the day that they revealed the highly anticipated Tesla Semi. But Elon Musk did not think the...
by - November 17, 2017
More details have emerged about the new sixth generation of the BMW M3 just as the German premium practically announced the end of the current-gen 3 Series with the unveiling...
by - November 17, 2017
All is set for Volkswagen’s plans to enter the electric vehicle game, as prompted by the so-called Dieselgate scandal. In fact, the German carmaker has already made a commitment to...
by - November 17, 2017
As BMW has already revealed, the next generation of the BMW M5 (F90) is a four-wheel drive high-performance sedan with overwhelming power output and torque at its disposal. However, it...
by - November 17, 2017
McLaren unveiled a one-off Gold - on - Black 720S at the 2017 Dubai Motor Show which will be on display throughout the entire stretch of this week’s event. The...
by - November 16, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries