27 Jun 2005
Troy, Michigan --Delphi Corp. has hired Robert "Steve" Miller to be its second chairman and CEO effective July 1, replacing the retiring J.T. Battenberg III.
Miller, 63, is known as a turnaround expert, having most recently led Federal-Mogul Corp. during a Chapter 11 reorganisation. He has resigned from the Federal-Mogul board and will reduce his outside board activity to two companies. He´s also a former vice chairman of Chrysler Corp.
Miller will receive a $3 million signing bonus and a base salary of $1.5 million. He also could receive incentive bonuses based on cash flow and revenue targets. He could receive up to $2 million from this year to 2007, under the incentive program.
Jose Maria Alapont, Federal-Mogul president and CEO, will replace Miller as chairman of the board.
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