Wednesday, September 14, 2005

Metro/State Briefs

Detroit News staff, wire and Bloomberg News reports

Comment on this story Send this story to a friend Get Home Delivery

Autos

Collins & Aikman CEO salary , bonus set

TROY -- Bankrupt automotive supplier Collins & Aikman Corp. won court approval to pay Chief Executive Frank Macher an annual salary and bonus of $1.75 million. U.S. Bankruptcy Judge Steven Rhodes approved the package. Macher, who joined the company on July 7, is eligible for a bonus of as much as $7 million, depending on the company's market value or sale price upon exiting bankruptcy, according to court papers. Macher, 64, will receive a $750,000 base salary and a fixed $1 million bonus. The company said the contract is critical to retaining Macher while it reorganizes.

Health care

U-M Hospitals chief announces retirement

ANN ARBOR -- Larry Warren, who oversees the University of Michigan's network of health centers and three hospitals, announced on Tuesday that he is retiring after 29 years at the university. Warren has been director and chief executive officer of the U-M Hospitals and Health Centers since 1998, this year helping to post an operating margin of 5.1 percent on revenues of more than $1.31 billion.

Lakeland Regional and Spectrum team up

GRAND RAPIDS -- Lakeland Regional Health System in St. Joseph will partner with Spectrum Health to deliver a cardiovascular surgery program that will improve access to coronary bypass and heart surgeries at Lakeland. The program will be modeled after Spectrum Health and employ many of the same practices and standards.

Appliances

Whirlpool makes its Maytag buy official

GRAND RAPIDS -- Whirlpool Corp. officially notified the Federal Trade Commission and the U.S. Department of Justice of its intent to buy rival appliance maker Maytag Corp. in a cash-and-stock deal valued at more than $1.7 billion.

Detroit News staff, wire and Bloomberg News reports.