Top Ford executives take pay cuts

DETROIT -- Ford Motor Co.'s top two executives will take 30 percent pay cuts as the company tries to conserve cash and make it through the worst sales downturn in 26 years.

Chief executive Alan Mulally and executive chairman Bill Ford Jr. will see the salary reductions this year and next. They were spelled out in a memo to employees obtained by The Associated Press.

In addition, two people briefed on contract concessions made by the United Auto Workers said Ford will offer another round of early retirements and buyouts to all hourly workers.

The people did not want to be identified because the union has not unveiled the changes to its members.