Ford CEO Alan Mulally has told reporters he will take a pay cut to $1, as did GM CEO Rick Wagoner.
Chrysler LLC CEO Bob Nardelli said a week ago before Congress he would do the same, although of course his company is privately held and will not need to reveal his salary publicly.
Wagoner made a $1.65 million salary in 2007 and a $2.2 million salary this year.
While far more than most people earn, these sums are paltry compared to typical CEO pay, and Wagoner to his credit took a 50 percent cut in 2006, well before the auto industry’s current pains.
Mulally got $49.9 million in 2006 and 2007, including $21 million last year.
Mulally made headlines in Congressional testimony last week by deflecting a suggestion he take pay cut and instead stammering that his pay was “okay” where it was.
Median compensation for the heads of companies in the Standard & Poor's 500 index in 2007 was nearly $8.4 million, up 3.5 percent or $280,000 from 2006, according to an Associated Press analysis.
Merrill Lynch CEO John Thain topped the list that year, making $83 million even as the brokerage house careened toward its eventually sale to Bank of America as the credit crunch hit.
American International Group (AIG) Chairman and Chief Executive Edward Liddy will get $1 for 2008 and 2009 and its top seven officers will forgo bonuses through 2009 s well. The company has taken in tens of billions in government-backed loans to stay afloat.
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