Shared sacrifice or empty gesture? Many CEOs still rake in millions after giving up pay | Fin24
So far, top executives of many major corporations — including some at the very epicenter of the crisis — have mostly held on to their outsize pay packages after giving up some of their salaries. And even as rank-and-file jobs vanish, some still have a distant shot at collecting bonuses for 2020, albeit smaller than last year’s.
What’s more, Tenet still pays Rittenmeyer’s predecessor, who left three years ago, roughly $245 000 each month as part of his severance package. A Kroger spokeswoman said the company’s average wage is $15 an hour and that it offers a range of safety precautions, from testing to emergency leave.Several major corporations began announcing CEO pay reductions in March, and dozens of companies across industries globally have followed.
For many executives in the hardest-hit industries, that means making do with perhaps $1 million instead of $10 million. But others still have a shot at hefty payouts, regardless of cuts to base pay, if stocks recover. In some instances, hefty stock awards have arguably made sharing the pain an exercise in virtue signalling. In April, Greg Case, CEO of global insurance and consulting firm Aon, said he would give up 50% of his salary for the rest of the year as part of broader pay cuts. Roughly 70% of Aon’s workforce will see their salaries reduced by a fifth.
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