Especially the one’s “earning” tens of millions of dollars.
"I WILL BE RETURNING 90 PERCENT OF MY SALARY BACK TO MY COMPANY TO HELP IT, AND MY EMPLOYEES STAY AFLOAT DURING THIS CRISIS. I WILL EXPECT ALL OF MY HIGHEST PAID MANAGERS AND BOARD MEMBERS TO DO THE SAME.""
Wouldn’t that be amazing if someone did that? Let me know you you have any examples of volunteered shared sacrifice.
Yep. That’s why we saw a record number of CEOs step down the week before the meltdown. They had ensure they utilized those parachutes while the money was still there
The Board of Directors, chosen by the shareholders, determines compensation. Since corporations are private property of the shareholders, only the shareholders have any legitimate say in what constitutes excessive compensation.
My company is working at full speed and above, so I will not be returning any of my compensation, not now, not ever.
During the auto bailouts, greedy CEOs gladly accepted bonuses for outstanding company earnings.
Congress did not have the balls to tell these CEOs that they didn’t deserve anything.
And when asked by the media, these CEOs refused to answer.
Garbage, absolute garbage.
I am not surprised if the same happens this time around.
My company, everyone over a directors level has taken a pay cut between 20% and 50% depending on your level. Including me.
We also had to furlough 60% of our people.
At a previous company during a downturn, the CEO took no salary at all, others took a cut ranging from 40-10% depending on salary. Everyone making under $75k was exempt from the cut.