DaimlerChrysler board to take 10 pct pay cut

Newswire

FRANKFURT, July 23 (Reuters) - The management board of automaker DaimlerChrysler will take a 10-percent pay cut as part of an agreement to reduce annual staff costs by 500 million euros ($613 million), the firm's chief executive said on Friday. Juergen Schrempp said the board's total remuneration packages would be cut, and that 3,000 managers in Germany would also have their packages reduced as part of the cost-cutting programme.

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