Penn Traffic Cuts CEO Salary

SYRACUSE, N.Y. — Gregory Young, chief executive officer of Penn Traffic Co. here, has accepted a 10% reduction in his annual salary, the company said this week.

SYRACUSE, N.Y. — Gregory Young, chief executive officer of Penn Traffic Co. here, has accepted a 10% reduction in his annual salary, the company said this week.

In a filing, the retailer told federal regulators that Young’s salary would be cut to $472,500 from $525,000 for the remainder of the 2010 fiscal year, which began this month. Young can make up the difference as part of his incentive plan, the company added.

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