DETROIT (AP) -- General Motors' new chief executive says he will not cut his salary to $1 a year like his predecessor Rick Wagoner.
Fritz Henderson said at a news conference Tuesday that his pay will remain unchanged now that he is head of the troubled automaker. His base salary as chief operating officer was cut 30 percent to about $1.3 million this year when GM accepted government loans.
Wagoner agreed to accept a salary of $1 as part the automaker's $13.4 billion government loan package. He stepped down as CEO on Monday as a condition for additional government assistance.
On Monday, the Obama administration gave GM a 60-day deadline to get concessions from its union and creditors before granting the automaker more aid.
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