Thursday, January 29, 2009

Presumably, he doesn't need it anyways . . .

But still, it seems that a few other CEOs could follow his lead:

NEWS ALERT
from The Wall Street Journal


Jan. 28, 2009

Starbucks will close another 300 stores and cut nearly 7,000 workers as it continues to reel from overexpansion and a sharp sales slowdown.

Revenue was $2.6 billion in the company's fiscal first quarter, down 6% from a year earlier. Starbucks reported net income of $64.3 million, down from $208.1 million a year ago.

CEO Howard Schultz asked the company's board of directors last week to reduce his annual base salary to $10,000, from $1.2 million, a move the board approved, according to a company spokesperson. Once his health-care coverage costs are deducted from his salary, Schultz will earn less than $4 a month

1 comment:

Tammy said...

Well, I think he was overpaid anyway, but realistically, he did more than the many athletes earning this type of $ or more. I appreciate his willingness to step up to the plate and do the right thing and do hope that others will follow instead of walking away w/lots of $ and leaving the company holding the bag.