Following last week's reports of a $7 million quarterly loss, JetBlue's chief executive David Barger has voluntarily taken a 50 percent base salary cut. The action brings his salary down from $500,000 to $250,000 and will apply through the remainder of 2008.
His pay-cut won't have much of an impact on the airline's overall struggle to survive the cost of fuel, but as The New York Times puts it, Barger's gesture is in show of solidarity with JetBlue's employees.
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Kudos to him! If my company was struggling and asking me to take a pay cut, I would certainly appreciate if the big wigs did as well.
1i think that it's a sign of things having to change in the industry - although wow - that's a significant pay cut. he's a relatively new CEO and to go from making $500k for such a short while to now making only $250k - that's impressive. didn't he only get the position about a year ago after the Valentine's '07 fallout?
i doubt that it'll impact much, but at least it's a sign that people do realize that everyone needs to make conecssions
2Wow, I'm impressed. Only 250K for a CEO, most people with lesser titles make more than that in the corporate world. I've never flown Jetblue (I do Southwest) but I have more respect for the company now.
3Interesting.
4250K is nothing when you consider that the majority of his pay comes in a bonus rather than a salary.
5I'm pleasantly surprised, I don't think I've ever heard of a CEO volunteering to take pay-cut. I hope this could be the beginning of a new trend, CEO (and many of the highest pay americans) make far more than they need or deserve.
6I am pretty impressed with this!
7Wow.
I would never do that -- unless I genuinely felt I wasn't earning (deserved) what I was making. Maybe that's it? Maybe he didn't actually think his work was worth a half-million a year..
8Heh. Notice it's 50% off his base salary. I wonder how much he's making in bonus.
9It's a gesture ... he'll still make sh*tloads of money, but IMO, it's the gesture that counts.
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