December 2, 2008 GM, Ford CEOs will take $1 salaries if Congress OKs loans By KATIE MERX FREE PRESS BUSINESS WRITER The chief executive officers of General Motors Corp. and Ford Motor Co. are expected to tell Congress today that they will reduce their salaries to $1 a year if their companies receive the federal aid they are seeking from Congress. Ford announced today that CEO Alan Mulally would work for a salary of $1 a year if the company uses any money provided through a government bridge loan. The automaker said it hopes not to use the loans but is requesting access to federal funds in case the economy worsens or a fellow automaker goes bankrupt. The Wall Street Journal reported today that GM CEO Rick Wagoner has also agreed to take a $1 salary should the company receive government aid. The automakers are presenting requests for government loans and plans for how they would use the money today. The CEOs from Detroit's Three automakers and the president of the UAW first asked Congress for billions in federal loans two weeks ago. Congressional leaders told them to return this week with a detailed plan and suggested that it should include self sacrifice. Because Chrysler LLC is a privately held company, it hasn't disclosed how CEO Bob Nardelli is compensated. Contact KATIE MERX at 313-222-8762 or kmerx@freepress.com.