Friday February 10, 2006 
Friday February 10, 2006
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.
My Web 2.0 : american auto-makers
Google Base : american auto-makers
(2006-02-10 21:02:22 SGT)
[Biz]
Permalink
Comments:
Post a Comment:
Comments are closed for this entry.
Most popular blog postings on lowem.log :
1. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
2. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
3. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
4. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
5. Live spot gold price quotes chart on COMEX
6. 2010 Honda Civic Hybrid preliminary specifications released
7. Fuel prices seen stoking Malaysia inflation in 2008
8. How to insert currency exchange rates into Google Spreadsheets
Featured articles on lowem.log :
1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
4. 67000 China factories closed in H1 2008 as global economic collapse takes hold
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Peakoiler buys 2008 Honda Civic Hybrid FD3
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
| archives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| search | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Custom Search
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| sponsored links | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| bookmarks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
about
sites
blogroll
forums |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| navigation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| decals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| powered by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| hosted by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
