HE HAS vowed to shave costs rather than jobs. And the man twice voted CEO of the year is putting his money where his mouth is.

Starting next month, Mr Liew Mun Leong will take the deepest pay cut of 20 per cent as president and chief executive officer of property and hospitality giant CapitaLand Group. Last year, he earned $6.49 million, mostly in bonuses.

The company-wide salary reduction exercise of 3 to 20 per cent will affect mainly management and executives. Non-executives, typically earning below $2,000, will be spared.

Read Susan Long's full story in Wednesday's edition of The Straits Times.