93Linear
07-02-06, 11:23 PM
Looks like GM may be trying to save the ship after all ... From this article (http://www.leftlanenews.com/2006/02/07/gm-cuts-executive-pay-employee-benefits/), dated 07-Feb-2006:
General Motors today announced a revised health-care benefit plan for salaried retirees in the U.S. that is expected to reduce the company’s liability by about $4.8 billion and its annual health-care expense by almost $900 million before tax. It also announced salary reductions for top executives, including a 50 percent reduction for CEO Rick Wagoner, 30 percent reductions for vice chairmen John Devine, Bob Lutz and Fritz Henderson, and a 10 percent reduction for Executive Vice President and General Counsel Thomas Gottschalk. A 50-percent reduction in compensation for outside board members was also announced. Investor Jerry York — who became a member of GM's board rejected ("]yesterday[/url] — suggested last month that GM should cut executive pay. Bob Lutz at the time [url="http://www.leftlanenews.com/2006/01/12/lutz-dont-reduce-gm-exec-pay/) the idea. York has also suggested GM should dump two brands.
General Motors today announced a revised health-care benefit plan for salaried retirees in the U.S. that is expected to reduce the company’s liability by about $4.8 billion and its annual health-care expense by almost $900 million before tax. It also announced salary reductions for top executives, including a 50 percent reduction for CEO Rick Wagoner, 30 percent reductions for vice chairmen John Devine, Bob Lutz and Fritz Henderson, and a 10 percent reduction for Executive Vice President and General Counsel Thomas Gottschalk. A 50-percent reduction in compensation for outside board members was also announced. Investor Jerry York — who became a member of GM's board rejected ("]yesterday[/url] — suggested last month that GM should cut executive pay. Bob Lutz at the time [url="http://www.leftlanenews.com/2006/01/12/lutz-dont-reduce-gm-exec-pay/) the idea. York has also suggested GM should dump two brands.