Caterpillar scales back executive pay in 2009 - WMC Action News 5 - Memphis, Tennessee

Caterpillar scales back executive pay in 2009

PEORIA, Ill. (AP) - Heavy-equipment maker Caterpillar says it will cut executive compensation by up to 50% next year because of weakening demand triggered by the global economic downturn.

The world's largest maker of mining and construction equipment also says it will reduce compensation for senior managers by 5% to 35% in 2009. Other management and support staff will see a reduction of up to 15%.

The Peoria, Ill.-based company says the cuts reflect planned reductions in its incentive program and equity-based compensation.

Caterpillar Inc. is also offering incentives to U.S. management and support employees to voluntarily leave the company. Eligible employees have until Jan. 12, 2009, to join the program.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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