I must applaud Jeffrey Smisek for his choice to forgo a salary until the airline is profitable, well played sir. I think CEOs across the globe should take a page out of your book and follow suit.
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Originally Posted by PHX
he (Jeff) makes a gesture no other major airline CEO to date has ever made
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While not as dramatic, Jerry Grinstein
did almost the same thing in 2005. Here's a quote from the article:
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Grinstein's own, self-imposed pay cut helped win some converts, too. The CEO, a Delta director since 1987 who came out of retirement and moved to Atlanta from Seattle to take the controls in 2004, cut his own salary by 25 percent in November 2005, to $338,000. He also gave up millions in potential bonuses. Most of Delta's other top executives earned well under $500,000, while their counterparts at United and Northwest were earning multiples of that. "There has to be restraint on the part of management," Grinstein insists.
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While he did not reduce his salary to zero, he did refuse
millions in bonuses and reduced other management salaries to more realistic numbers.