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.