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GM CEO takes 25 percent pay cut to support turnaround

From Automotive News| April 28,2007
General Motors CEO Rick Wagoner has voluntarily cut a quarter of his base salary to support the automaker's turnaround plans, GM said in a filing today.

As of March 1, Wagoner's base salary was $1.65 million, down from $2.2 million in January 2006, GM said in a filing with the Securities and Exchange Commission.

GM CFO Fritz Henderson and product chief Bob Lutz also took pay cuts of 15 percent each, bringing their base salaries to $1.32 million each.

The world's largest automaker, which has lost more than $12 billion in the last two years, is in the middle of a sweeping restructuring that includes slashing more than 34,000 jobs and closing 12 plants.

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