Dale Jewett at Automotive NewsDetroit, Michigan-Turnaround specialist Steve Miller is getting a $3-million signing bonus and a $1.5 million salary to become chairman and CEO of Delphi Corp., the automotive interior supplier.Also, Miller could earn a further $2 million in incentives over the next three years for meeting performance targets, according to a Delphi filing with the US Securities & Exchange Commission, as reported in Automotive News, a sister magazine to Urethanes Technology.Miller, 63, was appointed on 23 June to succeed J.T. Battenberg III, 62, at the supplier. He is an automotive industry veteran, most recently as chairman of Federal-Mogul Corp. Miller was also vice chairman at the former Chrysler Corp. and starts his job with Delphi on July 1.Battenberg, Delphi’s founding chairman, will leave the company on the same date, but will be available for consulting for a total of 30 days over the next several months. He had earlier announced his intention to retire before the end of the year.Miller is known as a corporate turnaround expert and has helped Federal-Mogul move closer to emerging from Chapter 11 bankruptcy protection.Delphi has struggled as a result of decreased production by General Motors, its largest customer.The supplier also is embroiled in an internal accounting scandal that has led to several high-ranking resignations. The company expects to release revised financial reports by June 30. Battenberg has not been implicated in the scandal.Delphi of Troy, Michigan, ranks No. 1 on the Automotive News list of the top 150 suppliers to North America with North American original-equipment automotive parts sales of $1760 million in 2004.”
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