Visteon Pays Ex-CEO $11.8 Million Severance

Donald Stebbins, who stepped down as Visteon Corp.'s CEO on Aug. 10, received about $11.8 million in cash and stock as severance pay, according to a company filing with U.S. securities regulators.

The document says Stebbins did not resign because he disagreed with company operations, policies or practices.

The board agreed to pay Stebbins $2.4 million in cash and immediately vest restricted stock that was worth $9.5 million on the day he left. Stebbins would otherwise have forfeited the stock, which was part of his 2010 compensation.

The board cancelled options and other restricted stock previously allotted to Stebbins. The former CEO could later receive a prorated bonus and stock award for this year, depending on company performance.

Stebbins' compensation totaled nearly $8 million last year and almost $27 million in 2010.

Visteon tells the Securities and Exchange Commission that interim chairman, president and CEO Tim Leuliette will receive a $500,000 cash signing bonus and base annual salary of $1.1 million. Leuliette would receive severance pay of $650,000 if he were terminated before March 1, 2013. Leuliette also would be paid that amount if he quit because a permanent CEO had not joined the company by Oct. 31.