Caterpillar scales back exec. pay in '09

PEORIA, Ill. - December 22, 2008 - The world's largest maker of mining and construction equipment also says it will reduce compensation for senior managers by 5 percent to 35 percent in 2009. Other management and support staff will see a reduction of up to 15 percent.

The Peoria, Ill.-based company says the cuts reflect planned reductions in its incentive program and equity-based compensation.

Caterpillar Inc. is also offering incentives to U.S. management and support employees to voluntarily leave the company. Eligible employees have until Jan. 12, 2009, to join the program.