30 CEOs whose pay has been slashed
26 April 2016
Pay check
Wages for many of the planet's top bosses have been plummeting of late. A perfect storm of economic uncertainty, poor company performance and shareholder unease over executive remuneration is hitting pay levels hard and some business leaders have taken cuts of up to 93%, whether voluntarily or forced. Here are the 30 CEOs who've taken the biggest hit.
Rex Tillerson, ExxonMobil: 18% pay cut
Given the falling price of crude oil – down from $115 (£81) a barrel in the summer of 2014 to as low as $27 (£19) in early 2015 – it's no surprise CEO Tillerson's paycheck dropped 18% to $27.3 million (£19.3m) in 2015.
Robert L.G. Watson, Abraxas Petroleum: 20% pay cut
Another casualty of low oil prices, Watson, who is chairman, president and chief exec of the Texan oil company, volunteered for a 20% pay cut in 2015, a sizable chunk off the $965,000 (£682,000) he took home in 2014.
John Aldersey-Williams, SeaEnergy: 25% pay cut
SeaEnergy also cut its senior execs' pay packages in 2015 in response to the reduction in oil prices. CEO Aldersey-Williams felt it the hardest with a quarter of his pay chopped.
Grant O'Brien, Woolworths: 28% pay cut
The Australian retailer cancelled executive bonuses during the 2014/15 financial year. As a result, CEO O'Brien, who has since left the company, had his wages cut by A$1.5 million ($1.2m /£816,000).
Brian Goldner, Hasbro: 30% pay cut
The CEO of toy company Hasbro lost almost a third of his $14.6 million (£10.3m) compensation package last year as the value of his stock options decreased.
Mario Longhi, U.S. Steel: 35% pay cut
U.S. Steel's chief exec hasn't been immune from the fallout of the company's $1 billion (£707m) losses in 2015. His paycheck fell by 35% last year, with his total earnings totaling $8.6 million (£6m).
Richard Davis, U.S. Bankcorp: 40% pay cut
Banking boss Davis was awarded a remuneration package of $11.56 million (£8.2m) in 2015, down from $19.37 million (£13.7m) in 2014, partly as a result of a change in the value of his pension.
Muhtar Kent, Coca-Cola: 42% pay cut
With the company underperforming on the stock market, Coca-Cola CEO Kent agreed to a 42% pay cut in 2015, reducing his pay from $25.2 million to $14.6 million (£17.8m to £10.3m), a move which appeared to appease investors.
Sifso Dabengwa, MTN: 42% pay cut
The Johannesburg-based CEO of African's largest cellphone company had his compensation package slashed from R48,077,000 to R28,128,000 ($3.3m to $1.9m /£2.3m to £1.3m) in the 2014/15 financial year amid lackluster company performance.
Andrew Mackenzie, BHP Billiton: 43% pay cut
Following five employee deaths and mediocre stock market performance, mining company CEO Mackenzie saw his $8 million (£5.7m) paycheck reduced to $4.6 million (£3.3m) last year.
John Hess, Hess Corporation: 43% pay cut
Hess Corporation posted its biggest loss for 13 years in 2015, so the company's eponymous CEO did the decent thing and trimmed his compensation package from $22.5 million to $12.9 million (£15.9m to £9.1m).
Nigel Travis, Dunkin' Brands: 47% pay cut
Fast food 'breakfast wars' and sluggish sales growth haven't done Dunkin' Brands boss Travis any favors, with his remuneration dropping by 47% to $5.4 million (£3.8m) in 2015.
Ivan Menezes, Diageo: 48% pay cut
The CEO of flagging drinks firm Diageo, Menezes had his pay cut by almost half last year, down from $11.9 million to $6.2 million (£8.4m to £4.4m).
Jiang Jianqing, Industrial and Commercial Bank of China: 50% pay cut
The head of the world's biggest lending bank by assets, Jianqing took home just 550,000 yuan ($85,000 / £60,000) last year, half of what he earned in 2014.
Wang Hongzhang, China Construction Bank: 50% pay cut
Jianqing isn't the only banking boss in China who has endured a savage pay cut. Following pressure from Beijing, all state bank chief execs have had their salaries cut by half, including CCB's CEO Hongzhang.
Mark Durcan, Micron: 50% pay cut
With the chip company in cost-cutting mode, chief exec Durcan offered to take a voluntary pay cut of 50% in 2015, reducing his earnings to $525,000 (£370,000).
Shigehisa Takada, Takata Corp: 51% pay cut
Rocked by the recent airbag scandal, Takata Corp cut back on executive pay in 2015 – CEO Takada earned less than half the 206 million yen ($1.8m / £1.3m) he was awarded in 2014.
Steve Ells, Chipotle Mexican: 52% pay cut
The fast food boss had his overall remuneration slashed by over half in 2015, from $28.9 million to $13.8 million (£20.4m to £9.8m), following fluctuating share prices and a food poisoning scandal that drove customers away.
Monty Moran, Chipotle Mexican: 52% pay cut
Ells' co-CEO Monty Moran didn't escape the pay cull. He also saw his compensation package shrink by more than half, taking home $13.6 million (£9.6m) in 2015, down from the $28.1 million (£19.9m) he earned the previous year.
Azim Premji, Wipro: 55% pay cut
The Indian IT giant experienced sluggish growth and decreasing profits during the 2014/15 financial year, reducing its chairman's revenue-related pay package by almost $1 million (£707,000).
Richard Pennycook, Co-op Group: 60% pay cut
Lauded for his shareholder-pleasing gesture, the chief exec of the UK's recovering Co-op Group requested a 60% pay cut in April simply because his job had become less difficult. His basic pay for the 2016/17 financial year will fall from $1.2 million to £750,000 ($1.7m to £1.1m) and his bonuses will be reduced.
Peter Liguori, Tribune Media: 65% pay cut
Media boss Liguori cleaned up in 2014, accruing $23 million (£16m) including a ton of lucrative stocks and options. He wasn't quite so lucky in 2015, when his compensation package dropped to $8.1 million (£5.7m).
Sergio Marchionne, Fiat Chrysler Automobiles: 68% pay cut
This chief exec earned €21.2 million (£15m) less last year. In 2014, he handled the Fiat/Chrysler merger hence the ultra-lavish remuneration.
Tidjane Thiam, Credit Suisse: 70% pay cut
Just after joining the struggling bank in July 2015, new CEO Thiam asked the board to slash his bonus, with his annual take-home pay falling to 4.57 million Swiss francs ($4.72m / £3.34 million).
Martin Senn, Zurich Insurance Group: 70% pay cut
Former Zurich CEO Martin Senn earned $2.52 million (£1.78m) in 2015, a staggering 70% less than the $8.5 million (£6m) he received the previous year. He left the company in December after a takeover bid he was presiding over failed.
James Park, Fitbit: 76% pay cut
As Fitbit's share price declined during 2015, its top execs missed out on bumper option packages, with CEO Park's pay for the year dropping from $7.8 million to $1.9 million (£5.5m to £1.3m).
Sumner Redstone, Viacom: 85% pay cut
Hit by a downturn in profits and ratings, Viacom's founder and executive chairman Redstone had his pay pruned away by $11.2 million (£7.9m) in 2015, which fortunately for him is a mere dent in his $4.4 billion (£3.1bn) fortune.
Simon Potter, Bahamas Petroleum: 90% pay cut
With prices for the black stuff still on the low side, oil company boss Simon Potter has deferred 90% of his 2016 compensation package to help his firm finance a new exploration well.
Masashi Muromachi, Toshiba: 90% pay cut
Keen to do the right thing during Toshiba's epic accounting scandal, interim CEO Muromachi accepted an enormous pay cut of 90% in July 2015.
Dan Price, Gravity Payments: 93% pay cut
Last April, the Seattle-based credit card processing company CEO slashed his $1.1 million (£780,000) pay by an incredible 93% to help finance a massive pay rise for his employees, almost breaking the internet in the process.
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