GM Holden Executives Take Pay Cuts Amid Global Economic Downturn

As the car maker GM Holden struggles to cope with the effects of the global economic downturn, executives, including chairman and managing director Mark Reuss, will take a pay cut. The 10% reduction for executives and 7% reduction for senior staff will come into effect from May 1, with no bonus payments to executives this year. The company aims to cut costs and position itself for a viable and sustainable future.

Key Takeaways:

• Holden executives, including chairman and managing director Mark Reuss, will take a 10% pay cut, effective from May 1.
• Senior staff will receive a 7% pay cut.
• No bonus payments will be made to executives this year.
• Salary maintenance for other staff not governed by awards.
• The pay cuts are a short-term measure, to be reviewed at the end of the year.
• The company aims to survive in the current market conditions and position itself for a sustainable future.
• GM Holden is facing expected job losses after parent company General Motors announced plans to reduce its global workforce by 47,000.
• The company will make decisions on its structure and operations in the coming weeks.
• Plans to introduce a second car line at the Adelaide assembly operations are still underway.

Statistics:

• 10% pay cut for executives.
• 7% pay cut for senior staff.
• 47,000 global job losses announced by General Motors.
• No bonus payments to executives this year.
• Salaries of other staff, not governed by awards, will be maintained.
• Pay cuts will take effect from May 1.

Sources:

• "GM Holden executives take pay cut as car maker grapples with economic downturn" by Asia Pulse, March 12.