Former Visteon CEO to leave with $12.7M

Source: The Detroit News

August 14, 2012 at 6:32 pm
Former Visteon CEO to leave with $12.7M
By Karl Henkel

Former Visteon Corp. CEO Don Stebbins will walk away from the Van Buren Township-based auto supplier with $12.7 million, most of that from restricted stock awards.

Visteon, in a Securities and Exchange Commission filing, also disclosed that incoming interim-CEO Tim Leuliette will receive a $500,000 signing bonus and a monthly base salary of $95,833.

Stebbins, who stepped down Aug. 10, will get cash severance of $2.39 million and full vesting of his shares of restricted stock from 2010, valued at nearly $10.3 million.

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Visteon was spun off from Ford Motor Co. in 2000. It filed for bankruptcy protection in 2009 and emerged in 2010 after shedding billions in debt and pension costs.


Read more: http://www.detroitnews.com/article/20120814/AUTO01/208140449#ixzz23ZjrboeE

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Bastards all!