BusinessCompany NewsGeneral Motors CFO to take 30% pay cut

General Motors CFO to take 30% pay cut

Executive salaries slashed at struggling automobile giant

Fritz Henderson, vice chairman and chief financial officer at embattled US
car manufacturer General Motors, will take a 30% reduction in salary as part of
a turnaround plan for the company’s Northern American business.

Henderson’s pay cut will be matched by the company’s other vice chairmen,
John Devine and Bob Lutz, while executive vice president and general counsel,
Thomas Gottschalk, will take a 10% pay cut.

GM chairman and chief executive officer Rick Wagoner will see his salary cut
in half as the company announced a range of measures aimed at cutting costs and
restructuring its North American operations.

Additionally, GM said that no annual or long-term cash incentive awards were
paid to GM’s global executives for the 2005 performance year.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor