WASHINGTON -(Dow Jones)- The chief executives of General Motors Corp. (GM) and Ford Motor Co. (F) said Wednesday they wouldn't accept a $1 salary in exchange for government aid to their imperiled companies, as the head of the former Chrysler Corp. did a generation ago.
During a hearing Wednesday, a member of the House Financial Services Committee told Rick Wagoner of GM and Alan Mulally of Ford that reducing their annual salaries to $1 would be an important symbolic gesture as they lobby for $25 billion in loans funded by tax dollars. Chrysler's Lee Iacocca worked for that wage when his company was bailed out by the government in the 1980s.
"I'm willing to do what I've been doing," Wagoner said, saying he has already accepted a significant wage decrease and given up other forms of compensation. But he stopped short of saying he would accept a $1 salary.
Mulally said: "I understand your point about the symbol. But I think, not just for me, but we're trying to fill a skilled and motivated team."
Pressed on whether he would work for $1 a year, Mulally said, "I think I'm OK where I am."
The chief executive of Chrysler LLC, Robert Nardelli, had said Tuesday he would be willing to work under that salary as a condition for a federal bailout package.
-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@ dowjones.com; and Siobhan Hughes, 202-862-6654; firstname.lastname@example.org