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$80M Visteon bonuses
Automakers object to $80M Visteon bonuses
Posted Tuesday, Jul 14, 2009, 2:08 pm in Employee News
Ford and GM are objecting to a Visteon plan to pay employees as much as $80 million in bonuses, saying that they and major auto parts suppliers had eliminated performance incentives for 2009, according to Reuters.
In bankruptcy court documents, Ford, (which last month agreed to provide Visteon at least $125 million in bankruptcy financing), called the supplier’s incentive program “entirely too rich, given current market and economic conditions,” the story said.
In a separate filing on Friday, GM said it was negotiating a loan to Visteon and that without that funding, Visteon would be unable to pay the bonuses, according to Reuters.
Visteon’s incentive plan includes $30.1 million in bonuses for its top 100 managers and individual bonuses ranging from 90 percent to 375 percent of an employee’s base salary, according to a court filing. (Reuters)
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