LA Times (July 16)
“The financial crisis created by the pandemic prompted executives at hundreds of America’s largest publicly traded companies to voluntarily lower their own base salaries. They made a point of announcing these cuts in news releases and earning calls with analysts.” In many cases, this was a gimmick. In one egregious case, Christopher Nassetta, Hilton’s Chief Executive “opted to forgo his entire base salary for the rest of the year,” amid furloughs and job cuts, but his “compensation package more than doubled to $55.9 million in 2020, compared with $21.4 million in 2019.”
Tags: Analysts, Earning calls, Executives, Financial Crisis, Gimmick, Hilton, Nassetta, News releases, Pandemic, Publicly traded, Salaries
Financial Times (March 31)
“On one hand, Premium Friday is a gimmicky, well-intended campaign to offset Japan’s overwork culture.” Even though less than 4% of Tokyo’s workers actually clocked out early on the inaugural Premium Friday, the campaign does represent “something fundamentally important to the next few years of Japanese investment: a defining theme of ‘working practice reform’ that will (for better or worse) penetrate all sectors of the economy.”
Tags: Economy, Gimmick, Investment, Japan, Overwork, Premium Friday, Reform, Tokyo
