Report: American Axle Execs To Take Pay Cuts

Company’s top executives will take 10 percent pay cuts as part of the auto parts maker's restructuring plan, reports the Detroit Free Press.

DETROIT (AP) -- Top executives of American Axle & Manufacturing Holdings Inc. reportedly will take 10 percent pay cuts as part of the auto-parts maker's restructuring plan.

The Detroit Free Press reported the cuts Thursday and says the move reduces the base pay for American Axle chief Dick Dauch to $1.48 million. The paper says 16 others also will take cuts.

Messages seeking comment were left for company spokeswoman Renee Rogers after business hours Thursday.

On Jan. 30, American Axle reported a $112.1 million fourth-quarter loss, as steep cuts in truck and sport utility production sent its sales tumbling 33 percent from a year earlier to $503 million.

The Detroit-based company cut about 3,000 jobs last year and closed several U.S. plants.

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