Washington -- The Treasury Department's pay czar cut cash compensation for the top 25 executives at five firms, including four Michigan-based auto industry companies, by one-third for 2010.


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Overall compensation for the executives is down 15 percent over 2009 levels. Kenneth Feinberg announced the compensation packages for the top 25 executives at General Motors Co., Chrysler Group LLC, Chrysler Financial LLC, GMAC Inc. and AIG Inc. Feinberg oversees executive compensation at five firms that received extraordinary assistance under the $700 billion Troubled Asset Relief Program. Salaries for the top 25 executives GM got cut, while incentives pay for GMAC executives was cut by nearly two-thirds. In defending the pay cuts, he noting that 84 percent, or 104 of the 125 executives, remain at the companies despite the pay reductions. The Treasury Department also disclosed for the first time that GM will remain under the pay restrictions until the government sells off its 61 percent equity stake -- a move that will take a minimum of two years.

Source: Treasury slashes exec pay at auto firms