PITTSBURGH -- Westinghouse Electric Corp. Chairman Paul E. Lego has had his salary cut by $1 million in the wake of a $1.1 billion loss by the company.
According to proxy materials being distributed to shareholders, directors slashed Mr. Lego's pay to $677,083 from the $1.68 million he earned in 1990. Mr. Lego has been given financial incentives to improve Westinghouse's performance. The electronics giant is Maryland's largest private employer.
Among the incentives is $1.1 million for meeting unspecified goals during a three-year period ending in 1993. The goals are measured by increases in return on equity, earnings per share and stock price.
As a group, the company's top 14 officials received nearly $4 million in 1991. The previous year, the top 16 executives received a total of $10.8 million.