“In view of the company’s overall full year results,” she said in the company’s press release, ”my senior team and I have recommended that we forgo our personal annual incentive payments for 2013.”
CEOs shunned their bonuses with some frequency during the recession, when cutting their own pay was a gesture of sharing the pain with employees whose own bonuses were getting slashed or whose 401(k) matches had gone away.
Equilar’s Boyd says when a CEO declines a bonus, it’s a way of demonstrating to shareholders that they’re focused on setting the company up for success. “