Los Angeles Times – CEOs Cut Millions of Jobs Amid Coronavirus Yet Keep Lofty Bonuses
May 18, 2020
By Anders Melin
Even CEOs are starting to get squeezed by the economic realities of this pandemic.
But compared to their employees, a growing number of critics still say it’s not nearly enough.
So far, top executives of many major U.S. corporations — including some at the very epicenter of the crisis — have mostly held on to their outsize pay packages after giving up some of their salaries. And even as rank-and-file jobs vanish, some still have a distant shot at collecting bonuses for 2020, albeit smaller than last year’s.
How things play out will depend on the economy, financial markets and ultimately the coronavirus itself. But as the pain grows for ordinary workers, executive pay — a divisive issue in an age of extraordinary inequality — has come to the fore once again.
“There’s just the general view that we need to pay attention to all stakeholders,” said Robin Ferracone, CEO of Farient Advisors, which gives boards advice on executive pay. “It can’t just be that some are getting richer and the rest are taking it on the chin.”