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GM CEO calls executive pay cuts ‘tough’
GM CEO calls executive pay cuts ‘tough’ but ‘fair’
Posted Wednesday, Oct 28, 2009, 3:43 pm in Employee News
General Motors Co. president and CEO Fritz Henderson said today the decision by the Treasury Department’s special master to cut his salary by 25 percent and other GM executives was “tough” but “fair,” The Detroit News reported.
“We thought it was fair. It was tough, but the situation was tough,” Henderson said an interview with The Detroit News and the Associated Press, referring to Treasury special master Kenneth Feinberg’s ruling on GM’s pay for its top 25 executives. “(Feinberg) has a very tough job,” said Henderson, who is on Capitol Hill today. “I thought he was focused on retaining people but also aligning people for the shareholders.” (The Detroit News)
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Rick
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