DETROIT, March 31 (Reuters) - Auto parts supplier Visteon Corp. gave its chairman and chief executive $5.7 million in salary, stock options and other bonuses for 2002, a 30 percent increase over the previous year.
Visteon Chairman and CEO Peter Pestillo has overseen a near-constant restructuring at the world's No. 3 auto parts maker, which has faced growing pressure for cost cuts from its former parent and largest customer, Ford Motor Co. The company shed 2,000 jobs in 2002, and its shares underperformed those of its nearest competitor, Delphi Corp. , by about 17 percent over the past year
Visteon's net losses nearly tripled in 2002 from 2001, but excluding one-time charges -- including $263 million in restructuring charges over the past two years -- its operating profit grew to $55 million in 2002 from $3 million the year before.
In its annual proxy filing, Visteon said Pestillo's $5.7 million compensation included $1.8 million in stock options, $1.8 million in restricted stock awards, about $1 million in salary and a $550,000 bonus.
Last year's package of $4.4 million included $1.5 million in stock options which currently have no value.
Visteon also set a long-term incentive for Pestillo which would be worth an estimated $3 million based on the company's performance between 2002 and 2004. Pestillo also used $128,192 worth of time in Visteon corporate aircraft, double the amount from 2001.
Visteon's shares were up 12 cents at $5.90 in midday trading on the New York Stock Exchange.