The coronavirus is shining a spotlight on the class divide — as well as the old and thorny issue of executive pay. 🔐
The coronavirus is shining a spotlight on the class divide — as well as the old and thorny issue of executive pay.
But the issue of executive pay falls on an already touchy fault line in a society that’s suddenly at home and taking a close look at itself. And in the process, Macy’s made clear ceo Jeff Gennette “will not receive compensation” for the duration of the crisis; Capri’s top executives, including ceo John Idol, Michael Kors and Donatella Versace, all “voluntarily elected to forgo their salary for fiscal 2021,” and Ralph Lauren is not taking his salary for fiscal-year 2021 in addition to his full fiscal-year 2020 bonus.
“I do think there is an ethical imperative to think through it carefully and be guided by the stated values of the organization and by the personal values of its leaders,” Kurtz said. “Values matter. Having a decision framework that enables decisions to be guided by and consistent with the organization’s values is vital. An organization that says its people are its most important responsibility cannot easily turn around and make sweeping decisions in the other direction.
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