Hostess Slashes Some Execs' Pay To $1 After Raise Flap

Law360, New York (April 9, 2012, 6:38 PM EDT) -- The chief executive of Hostess Brands Inc. on Monday said the salaries of eight high-level executives of the company will be hacked to as little as a $1, responding to outrage over the company purportedly bumping up pay for its top brass ahead of its bankruptcy filing.

The executives, whose raises took effect in July, will receive reduced-rate pay through the end of the year or the end of bankruptcy, whichever comes first, CEO Gregory F. Rayburn said in a statement.

The pay cuts come after...
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