Visteon CEO Johnston to get $2.5 million payout

Various reports suggest that outgoing Visteon Corp. CEO Michael Johnston will receive $2.5 million in severance pay when he leaves June 1, based on filings from U.S. Securities and Exchange Commission.

A compensation plan approved by the Visteon board in February called for the company to give Johnston, 60, a prorated portion of a $2.5 million bonus if he left his post before year end. He was to receive the full $2.5 million if he stayed on through Dec. 31 or was fired without cause.

The new payout reflects an amendment Visteon's board made to that deal last week when it announced Johnston's resignation.

Johnston took home $8.9 million last year, according to calculations based o public company filings. That amount includes money Johnston made from options that vested last year but does not include options that were granted but have not yet vested.

Johnston will continue to keep his job as Visteon's executive chairman.