The chief executive of US advisory firm Greenhill is foregoing 90% of his base salary for the next five years, and alongside its founder will invest $10m in the company as part of a reorganisation.

The move, announced by Greenhill yesterday, will see its founder Robert Greenhill throw the firm he launched two decades ago a lifeline, after its shares having fallen 48% this year. Shares rose more than 13% in after-hours trading following the announcement.