May 17, 1992 |
More than 25% of the 1,580 executives of California's largest public companies saw their cash compensation slashed in 1991, according to the Los Angeles Times' annual executive compensation survey. The pay cuts--406 in all--are attributable to a powerful combination of declining corporate earnings, increasing shareholder activism and legislative furor over runaway executive pay. The reductions ranged from relatively modest decreases to more than half of some executives' previous year's salaries.
CALIFORNIA | LOCAL
December 4, 2003 |
The Lynwood City Council on Wednesday night postponed a decision on whether to slash members' salaries by nearly half. The city's council members are among the highest paid part-time politicians in the state, and many community activists have called for pay cuts. For years, council members have had $804 monthly salaries that, by state law, can be raised only to reflect cost-of-living adjustments.
February 6, 2003 |
Delta Air Lines Inc. will reduce pay by 8% for most executives and by 10% for Chief Executive Leo Mullin and President Fred Reid on March 1, the company said in a memo to employees. Delta also may lower employee wages to stay competitive with pay at carriers that have filed for bankruptcy protection, Mullin said.
September 14, 1993 |
Wide receiver Henry Ellard of the Rams is probably in the final year of his football career, and he doesn't know it. Ellard, one of 33 players in NFL history to have caught more than 500 passes, will earn $850,000 this season. When the season ends, Ellard will become a free agent and, based on the recent off-season's payoffs to free agents with his credentials, he expects to become a millionaire. "No way," said an official from one NFL team. "Salary cap.
April 11, 2005 |
The last thing United Airlines wants -- a strike -- is looming over the carrier as it tries to emerge from 2 1/2 years in bankruptcy protection. Two unions -- representing United's 6,800 mechanics and 19,500 other ground workers -- are threatening to strike if the airline persuades a U.S. Bankruptcy Court judge to annul their contracts and impose another round of wage and benefit cuts. United plans to seek the court's help if it can't negotiate long-term concessions with the workers on its own.
CALIFORNIA | LOCAL
April 2, 2004 |
Gov. Arnold Schwarzenegger on Thursday turned up the pressure on the prison guards union to accept a pay cut, effectively inviting the Legislature to cut the $201.4-million raise that guards are scheduled to receive. Using a rather arcane bureaucratic procedure, Schwarzenegger notified the Legislature that he has changed the way employees' pay is displayed in the state budget.
March 1, 2005 |
Continental Airlines Inc. reached its goal of finding $500 million in annual savings by Monday with the announcement of tentative agreements for wage and benefit cuts with unions representing pilots, flight attendants, mechanics and dispatchers. The Houston-based carrier with 41,000 employees announced the tentative contract agreements Monday but revealed no details so that unions could spread the word directly to their members.
May 31, 2000 |
Dell Computer Corp. founder and Chief Executive Michael Dell's pay tumbled 85% to $16.6 million as the No. 1 direct seller of personal computers wrestled with its worst performance in six years. Michael Dell's total compensation for the fiscal year ended Jan. 28 fell from almost $109 million a year earlier, the company said. The bulk of the decline came from fewer stock options.
CALIFORNIA | LOCAL
June 11, 2009 |
Key Orange County executives and elected officials will be asked to take a 5% pay cut as part of the ongoing effort to slash more than $1 billion from the county's budget, supervisors decided Wednesday. "We're trying to lead by example," said Supervisor Chris Norby. "The seriousness of the economic downturn has affected our budget. It is serious. People are hurting out there."
August 16, 2002 |
US Airways Group Inc. has asked its mechanics to absorb an initial wage cut and other concessions to speed its bankruptcy restructuring and boost its chances of getting government-backed loans, the mechanics' union said. Mechanics and others who earn more than $14.42 an hour would take a 6.8% wage cut upfront, according to a US Airways proposal revealed by the International Assn. of Machinists.