DaimlerChrysler’s management board will take a 10% pay cut as part of an agreement to reduce annual staff costs by €500 million ($US613 million), the firm’s chief executive reportedly said on Friday.

According to Reuters, Juergen Schrempp said the board’s total remuneration packages would be cut, and that 3,000 managers in Germany would also have their packages reduced as part of the cost-cutting programme.

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