Executive Pay: Time for a Trim

FedEx's Fred Smith isn't the only CEO taking a haircut. A survey finds at least 40 companies have filed plans to cut executive salaries

Shipping giant FedEx (FDX) made headlines on Dec. 18 when, in an effort to save costs, it cut the salary of its founder and chief executive, Frederick W. Smith, by 20%. Blaming the worst economic conditions in the company's 35-year operating history, the Memphis company also trimmed salaries for senior FedEx officers by 7.5% to 10%.

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