Friday February 10, 2006

GM to slash CEO pay, dividend

channelnewsasia.com :

General Motors said it would slash pay for its top executives and halve its annual dividend as part of a further effort to get the struggling auto giant back to profitability. The two-dollar annual dividend had indicated a yield on GM stock of more than 8%, the highest of any Dow Jones component. GM also said it was restructuring its pension plan and will revise its retiree health care benefits to cut its liability by 4.8 billion dollars before taxes.

The new plan calls for a 50% reduction in Wagoner's annual 2.2-million-dollar salary, along with a 30% cut in pay for GM's vice chairmen, Bob Lutz and Frederick (Fritz) Henderson. GM's board members themselves will have their compensation cut by 50% to 100,000 dollars.

GM named Jerry York, an aide to billionaire investor Kirk Kerkorian, to the board. Kerkorian's Tracinda Corp. is GM's largest investor, with a 9.9% stake. Just last month, York said GM's leadership needed to display an "equality of sacrifice," after hourly workers represented by the United Auto Workers union agreed to health care concessions.

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(2006-02-10 21:02:22 SGT) [Biz] Permalink

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