Jun 6, 2005
Ford and Visteon claim that Visteon is going broke. Visteon has lost more than 3.2 billion dollars since the year 2000 – or so they say!
For a company going broke, it sure has a funny way of showing it.
At the same time that Visteon announced its plan to dump 15 plants and freeze the wages of salaried employees, it announced it would pay its new president and chief operating officer, Donald Stebbins, 4.65 million dollars in salary and bonuses this year.
And that's only one of its executives.
It also just finished building a new multimillion-dollar headquarters in a suburb of Detroit – only five years after taking occupancy of its previous headquarters, also new at the time!
Clearly, when Visteon wants the money, it can find it.