Motorola to reduce salaries, freeze pension plans

Effective January 1, 2009, Motorola has permanently put a freeze on its U.S. pension plans, temporarily suspended matching the 401(k) contributions and co-CEOs Greg Brown and Sanjay Jha have voluntarily reduced their 2009 base salary by 25%.

“The sustained downturn in the global economy requires that we take these difficult but necessary steps. While serving our customers remains a top priority, we are equally focused on our cost structure, and we will continue to implement appropriate measures to conserve cash and reduce expenses.”