At Least Some Companies Did Away With Bonuses
from the it's-about-time dept
While we keep seeing stories of companies that are giving their CEOs millions of extra dollars in severance or “retention bonuses” while the rank and file get laid off left and right, here we see that some executives aren’t getting paid off while they drag their company down. Cisco execs didn’t receive any bonuses, and CEO John Chamers salary was reduced. In fact, he’s now agreed to work for a salary of $1. Of course, they did give him an awful lot of stock options. But, if things keep going downhill, those will be worthless anyway. Scott McNealy of Sun also saw his yearly bonus drop to nothing, as did every one else at Sun. Of course, these CEOs aren’t suffering without their bonuses, but it’s good to hear they didn’t get them, while other companies are giving out millions to the people who dragged them down.