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I bet he is thankful he is not on a performance related pay package !!!!!

07/02/2006 13:53 General Motors cuts dividend by 50%; lowers exec pay

NEW YORK (AFX) -- General Motors Corp. Tuesday announced further
restructuring plans, including a 50% reduction in its cash dividend and a
revision to its health-care benefit plan for retirees that it expects will
reduce its liability by about $4.8 billion. The company also plans to
restructure its U.S. salaried pension benefit plan and cut compensation for
outside board members by 50%. The decision brings the Dow component's quarterly
dividend to 25 cents a share from 50 cents a share. The lower dividend is
payable on March 10 to shareholders of record on Feb. 16. GM expects the lower
payout to reduce its annual cash outlay by about $565 million. GM also plans to
reduce certain executive salaries, most notably Chairman and CEO Rick Wagoner's
compensation will go down 50%. The stock closed Monday at $23.34, up 19 cents.
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