General Motors

GM chief agrees to halve salary

The chief executive of General Motors (GM) is to take a 50% pay cut to help the struggling carmaker save money.

Rick Wagoner and other executives have agreed to reduce their pay and forgo bonuses as part of radical measures aimed at improving GM’s finances.

GM is also halving its annual investor dividend – the first cut in 13 years – which will save it $565m (£323m)