Visteon CEO Michael F. Johnston Receives $5.27M in Compensation Despite Money-Losing 2006

DETROIT April 9, 2007; Jim Irwin writing for the AP reported that Michael F. Johnston, chairman and chief executive officer of Visteon Corp., received compensation valued at $5.27 million in 2006, according to an analysis of a federal regulatory filing made Monday.

The auto parts manufacturer lost $163 million last year and has not turned an annual profit since it was spun off from Ford Motor Co. in 2000. Visteon closed or sold 11 plants in 2006 as part of a restructuring and plans to close or sell another 19 facilities by 2009.

The $163 million loss reported by Van Buren Township-based Visteon in 2006 was an improvement over the $270 million it lost in 2005.

Johnston was paid a salary of $1,050,000 and a $754,250 bonus in 2006, according to Visteon's proxy statement filed with the Securities and Exchange Commission. He also received $573,750 in non-equity incentive plan compensation and $279,185 in other compensation, roughly two-thirds of it for personal use of corporate aircraft.

Johnson also received stock and option awards that had an estimated value of $2.61 million when they were granted in February 2006.

The Associated Press calculates total pay including executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year.

The proxy statement also said Visteon's annual shareholder meeting will be held May 16 at the Hotel du Pont in Wilmington, Del. Shareholders are scheduled to elect three members of the board of directors, vote on whether to approve PricewaterhouseCoopers LLP as the company's independent auditors for fiscal 2007, and vote on a proposal to require annual elections of all company directors to one-year terms beginning in 2009.