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Quote »Delphi Corp. Chairman and CEO Robert S. "Steve" Miller, who has been dishing out tough medicine to auto workers in the past week, has decided to take a dose himself.Miller will reduce his salary to $1 a year and other executives will take pay cuts until the bankrupt auto supplier emerges from Chapter 11 protection.http://www.detnews.com/2005/au...7.htmSo, on paper, he will be getting $1.00, but I wonder what elaborate scheme will be used to funnel the remaining $999,999 or whatever to his wallet under the table? lol!

Pop Quiz. What other famous CEO (hint, similar names) pulled the same stunt?Yeah, I don't buy these little schemes for a minute. Take a look at his stock options! $1 my left foot! No less though, this does free up hard cash for payroll for the other employees and such so it does serve a purpose. You have to give him credit for that.

Quote, originally posted by millster »No less though, this does free up hard cash for payroll for the other employees and such so it does serve a purpose. You have to give him credit for that.Just as long as they actually do follow through with the plan. If they misuse that money, they will get nowhere...

$1 a year, plus bonuses, use of the corporate jet, the limo, the expense acct........yeah, give me that job and that dollar!

Quote, originally posted by millster »Pop Quiz. What other famous CEO (hint, similar names) pulled the same stunt?That would be Steve Jobs and I don't think it was a stunt at all. I have no problem with bonus incentives and stock options, provided that they're based on actual positive performance (as opposed to profit by drastic cost reductions).

Quote, originally posted by tnpartsguy »$1 a year, plus bonuses, use of the corporate jet, the limo, the expense acct........He sure is going to suffer!!! I hope he can still make ends meet, I'm sure it would be rough to see his yacht be reposessed.

The C.S.'er got a 3 million dollar signing bonus.... Hell, I'd work the rest of my life for fee if you gave me 3 million dollars.....

Quote, originally posted by millster »Pop Quiz. What other famous CEO (hint, similar names) pulled the same stunt?lee Iacocca?

Quote, originally posted by ColonelPanic »He sure is going to suffer!!! Do you know what it's like to have to pay for insurance on a Ferrari? (yeah, me neither)

Quote, originally posted by scherry2 »lee IacoccaSteve Jobs was the answer I was looking for. And as Zuben pointed out, it worked. He successfully turned Apple Computer back around from near failure to what it is today.This sort of thing can work, if they truly are taking the cut.

Quote, originally posted by Pablo1669 »Do you know what it's like to have to pay for insurance on a Ferrari? (yeah, me neither)insurance is generally 10% of the new vihicle cost.plus i don't think the man is broke. i'm sure he has plenty of money saved to take a pay cut himself.but like other have said, there are other bonuses besides pay that can keep the man happy.