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Terex Corp Chief Executive Ron DeFeo has reduced his salary by 10 percent and declined a $1.17 million annual bonus, ARI-C News reports.
DeFeo believes he should lead by example and share some of the economic burden the company and industry is presently facing, the news organizations reports.
Base salaries for other Terex executives are also being cut by 10 percent for the remainder of 2009, according to the report. The cost-reduction program also includes reducing work for some areas.
It’s refreshing to see some of the top executives sharing in the economic burden. Even a 10-percent reduction in salary may not mean much to execs making in the high six seven figures, but taking a paycut in combination with turning down a $1.17 million bonus says something about character and a company.