ramblingray
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- Dec 6, 2005
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Interesting that GM decided to actually cut senior leadership's salaries instead of getting them huge increases in the face of danger for the company..... Companies on the verge of or currently in Bankruptcy might want to take the same approach. Same goes for the Union leadership......
"These are difficult decisions that involve sacrifices by our employees, stockholders, retirees and the senior leadership team," GM Chairman and CEO Rick Wagoner said in a statement.
"However, we are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term."
As part of the changes, Wagoner will take a 50 percent pay cut. Vice Chairmen John Devine, Bob Lutz and Fritz Henderson will see their salaries reduced by 30 percent, and Executive Vice President and General Counsel Thomas Gottschalk will take a 10 percent cut.
In addition, there will be no annual or long-term cash bonuses paid to GM's global executives for 2005 performance.
"These are difficult decisions that involve sacrifices by our employees, stockholders, retirees and the senior leadership team," GM Chairman and CEO Rick Wagoner said in a statement.
"However, we are confronting a dramatic change in our industry and in the global competitive environment, and that requires us to look for additional ways to reduce financial risk and improve our competitiveness for the long term."
As part of the changes, Wagoner will take a 50 percent pay cut. Vice Chairmen John Devine, Bob Lutz and Fritz Henderson will see their salaries reduced by 30 percent, and Executive Vice President and General Counsel Thomas Gottschalk will take a 10 percent cut.
In addition, there will be no annual or long-term cash bonuses paid to GM's global executives for 2005 performance.
