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The company announced that the salary of Ford CEO Alan
Mulally would be cut to $1 a year if Ford (F, Fortune 500) actually
borrowed money from the government. When Mulally appeared before the
House Financial Services Committee last month, he did not agree to the
suggestion of such a paycut.

A spokesman for General Motors (GM, Fortune 500) confirmed to CNN that
CEO Rick Wagoner also will accept a $1 salary. Other details of GM’s
turnaround plan were not immediately available. Chrysler LLC CEO
Robert Nardelli agreed during Congressional testimony last month he
would also agree to a $1 salary in return for federal help.

Mulally had a base salary of $2 million and total compensation of
$21.7 million last year, according to the company’s filings. Wagoner
received base pay of $1.6 million and total compensation of $14.4
million. Closely-held Chrysler does not disclose executive pay.