When CEOs take a salary cut !!!

[Kalyan]

When CEOs take a salary cut!!!

Many corporates across the world are trapped in the economic crisis. With loses mounting, big corporate giant going bankrupt, these are extremely tough times for companies across all sectors.

So it is now the turn of the top corporate honchos to do their best to put their companies on track. Cost-cutting seems to be the mantra with company heads agreeing to take huge pay cuts.

Many CEOs are willing to sign contracts that pay-cut provisions. Here's a look at CEOs who have agreed to forgo their fat pay cheques...

Wolfgang Prock-Schauer, CEO, Jet Airways

Jet Airways CEO, Wolfgang Prock-Schauer will take a 25 per cent pay cut. The top management of the Jet Airways team has taken a voluntary pay cut of 25 per cent.

From December 8, employees earning a gross salary of over Rs 75,000 a month will take a graduated wage cut over the next 12 months.

Pilots will see a wage cut and allowance rationalisation. Jet is cutting down its network and trimming costs to cope with the fall air traffic in the wake of the economic recession.

source : rediff

[Kalyan]

Edward M Liddy, CEO, AIG

[imgzoom]http://discuss.itacumens.com/gallery/6_08_02_09_5_52_49.jpeg[/imgzoom]

Hit by the recession, insurance giant AIG has restricted its chief executive officer's salary to a nominal $1 for 2008 and 2009, while there would be no pay hikes for its top executives through 2009. There also would be no annual bonuses or salary increases in 2009 for AIG's top-seven-officer Leadership Group, AIG said.

source : rediff

[Kalyan]

David Barger, CEO, JetBlue

[imgzoom]http://discuss.itacumens.com/gallery/6_08_02_09_5_55_02.jpeg[/imgzoom]

With the airline industry across the world in deep crisis, David Barger, CEO of JetBlue Airways has accepted a 50 per cut in salary for the second half of this year. His annual salary is about $500,000. JetBlue has also stopped fresh hiring.

Image: The new JetBlue terminal is seen at John F. Kennedy International Airport

source : rediff

[Kalyan]

Larry Kellner, CEO, Continental Airlines

Continental Airlines CEO Larry Kellner has given up the incentive pay for 2008, according to WSJ.

[imgzoom]http://discuss.itacumens.com/gallery/6_08_02_09_5_56_54.jpeg[/imgzoom]

source : rediff

[Kalyan]

William C. Ford

Ford chairman William C. Ford is in talks with CEO Alan Mulally about taking a cut in pay, or deferred salary. Ford stopped taking any compensation from Ford as CEO, a post he gave up to Mulally in 2006.

[imgzoom]http://discuss.itacumens.com/gallery/6_08_02_09_5_58_21.jpeg[/imgzoom]

Ford Motor Company Executive Chairman Bill Ford Jr during a press conference at the Detroit Economic Club

source : rediff

[Kalyan]

Richard Wagoner, GM, CEO

The automakers in America are on the verge of bankruptcy and have sought a bailout package. But General Motors CEO Rick Wagoner has not publicly agreed to a pay cut. However, he will be forced to take a salary cut.

Shareholders have raised their voice againt the huge salaries of the head honchos of the auto companies. The pay cut along with job cuts are expected to help the ailing company to some extent.

[imgzoom]http://discuss.itacumens.com/gallery/6_08_02_09_6_00_28.jpeg[/imgzoom]

Richard Wagoner Jr, chairman and CEO of General Motors, testifies during a Senate Banking, Housing and Urban Affairs Committee Hearing on Capitol Hill on November 18, 2008 in Washington, DC. The committee is hearing testimony on the financial situation of the major US auto makers.

source : rediff

[Kalyan]

Bob Nardelli, CEO, Chrysler

In a bold initiative amid the worsening crisis, Chrysler CEO Bob Nardelli has agreed to work for $1 a year.

[imgzoom]http://discuss.itacumens.com/gallery/6_08_02_09_6_05_03.jpeg[/imgzoom]

US President George W. Bush with Bob Nardelli, chairman and CEO of Chrysler Motors, after giving the 2008 Secretary of Defense Employer Support Freedom Awards to 15 recipients including Nardelli in the Oval Office at the White House in Washington, DC

source : rediff

[dhoni]

this is really correct
with the profit of company can share with CEO means and loss of salary cut percentage should also follow