GM CEO agrees to $1 salary

General Motors Corp. chairman and CEO Rick Wagoner will announce later today he is taking a $1-a-year salary, according to a more-than-30-page plan being sent to Congress, as the automaker is expected to report dramatically lower sales in November.

A person briefed on the plan said Wagoner had decided to accept the token salary as part of an effort to share the sacrifice. Wagoner already has seen his compensation cut in recent years and has not gotten a bonus in three of the last four years.

Wagoner had a $1.65 million salary in 2007 and has a $2.2 million salary this year. He took a 50 percent cut in pay in 2006, and his total compensation has been reduced sharply since he took the helm of GM in 2000.