Delphi withholds 2001 bonus for CEO Battenberg

TROY, Mich., March 15 Reuters reports that Delphi Corp. said on Friday that Chief Executive Officer J.T. Battenberg received no pay increase in 2001 on a base salary of $1.45 million and no bonus after the world's largest automotive supplier recorded a sharp drop in earnings last year.

Troy, Michigan-based Delphi said Battenberg did receive 1 million stock options, as part of his pay package, in January 2001 exercisable at a price of $11.88, which the company calculated were valued at $4.37 million.

Of those stock options, 550,000 were exercisable in January this year, and 225,000 will be eligible to be cashed in both January 2003 and January 2004.

Although Battenberg did not receive a bonus based on the company's performance last year, he did receive a payout of $1.28 million for meeting the company's long-term incentive plan.

Delphi's earnings last year fell to $220 million, before charges, from $1 billion in 2000, when U.S. new vehicle sales hit record levels.

Delphi shares fell 35 cents, or 2.1 percent, to $16.19 in afternoon trade on the New York Stock Exchange.