From Detroit Free Press

TROY, MI -- Delphi Corp. has cut the cash bonus it had planned to give its chief executive when the company exits bankruptcy by more than $4 million.

In a filing Tuesday with the Securities and Exchange Commission, the parts supplier said CEO Rodney O'Neal is slated to receive a $1 million bonus, down from $5.3 million. The cut follows an order from U.S. Bankruptcy Judge Robert Drain for Delphi to reduce the $80 million in cash bonuses it planned to give top executives to $16.5 million.

O'Neal also would receive $10.5 million in stock and options, which includes a $500,000 boost compared with Delphi's plan before the judge required the changes.

Separately, Delphi said Tuesday its fourth-quarter loss narrowed to $542 million.

The deficit compared with a year-earlier loss of $853 million. The results included expenses of $595 million to write down the assets of discontinued businesses and a tax benefit of $703 million.

Sales fell 3.6 percent to $5.3 billion.

GM said last week it is exploring ways to aid Delphi.

(c) 2008, Detroit Free Press. Distributed by Mclatchy-Tribune News Service.