The chief executive of General Motors (GM) is to take a 50% pay cut to help the struggling carmaker save money.
Rick Wagoner and other executives have agreed to reduce their pay and forgo bonuses as part of radical measures aimed at improving GM’s finances.
If I hadn’t read it on the Beeb, I probably wouldn’t believe it. Of course, lots of other people (you know, the workers) payed a high price first:
Burdened with massive healthcare and pensions costs, GM has already announced 30,000 job losses and nine factory closures in North America.
So now in a last ditch effort to stay alive, Wagoner and the rest of the fat, overpayed executive “team” will cut their salaries and bonuses. The following just sounds so noble:
No executive directors will receive bonuses for the 2005 financial year
Maybe that would be because they did a terrible job? Nah. Couldn’t be.