“It is unconscionable that hotel CEOs, who promised to share the pain during this crisis, doubled their pay while room attendants, cooks and servers lost their jobs,” the co-president of Unite Here, Local 11 told hugomartin.
Theater, tourism, dining out, shopping took big COVID hits. But the community, which defines Los Angeles in many out-of-towners’ minds, is looking up.Larcker and several colleagues at Stanford University studied 502 companies that adjusted CEO compensation in 2020. They found that 84% of the companies merely reduced base salaries, while the rest deferred, cut annual bonuses or cut long-term incentives. The total compensation of the CEOs at the 502 companies dropped 35%, the study concluded.
Still, Mishel said “the compensation number reported to the SEC is a legitimate description of the compensation of that executive.”Some businesses cut hours, services and staff, or closed altogether. But many have survived beyond their expectations. But the Los Angeles Times analysis found three companies — including Hilton — that modified payout rules or adopted new awards in 2020 to offset the loss in compensation that their executives faced because the companies failed to meet milestones. These changes were made to retain executives or reward them for leading the company through the difficult pandemic, the companies said.
At Alaska Air Group, the parent company of Alaska Airlines, all four top executives reduced their bases salaries last year, cuts that the Seattle-based carrier described in a news release as an effort to “reduce spending and improve liquidity.”Still, all four top executives reported higher compensation packages in 2020 than the previous year, including CEO Bradley Tilden, whose compensation rose to $6.1 million in 2020 from $5.5 million the previous year, according to SEC filings.
Capt. Will McQuillen, who represents Alaska Airlines pilots in the Air Line Pilots Assn., said he was disappointed to see that his airline’s executives were awarded higher compensation packages in 2020 “while airline workers sacrificed to keep the industry afloat.”Texas-based Independence Contract Drilling not only reduced the salaries and fees of its executives and directors to conserve cash but it also cut the size of its executive team by eliminating two members.
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