Japan Airlines CEO Cuts His Pay, Earns Less Than Pilots

[ketchupkatsu]

Just caught this from CNN.

[yt]fF6lxILnRuE[/yt]

[IkemenTommy]

Earns less than the pilots? I don't think so. I bet his base salary might be slashed, but he ends up making more than anyone else through stocks and bonuses.

[GuyJean]

Earns less than the pilots? I don't think so. I bet his base salary might be slashed, but he ends up making more than anyone else through stocks and bonuses.

Yeah, I was thinking the same thing. I think Steve Jobs' salary is 1 dollar a year, yet he's one of the world's richest men..

Of course, this is Japan.. Maybe he really does take home 90,000 USD.. (over the table).

GJ

[Mulboyne]

Asahi: An unlikely hero emerges amid the financial turmoil - a corporate president

When Japan Airlines Corp. was plagued with pilot errors, mishaps and equipment problems, the airline came under fire from all sides and its sales plummeted. But out of those scandals has emerged a hero of sorts who has has indirectly created a fan base overseas in his efforts to restructure the company. Haruka Nishimatsu, 60, the JAL president and CEO, has been hailed since CNN in November broadcast a report from Tokyo on his thriftiness. The CEOs of the U.S. Big Three automakers drew heavy criticism for flying on corporate jets to Washington to beg for bailout money. Nishimatsu, meanwhile, was shown on CNN commuting by city bus and waiting in line to eat lunch at a company cafeteria.

The report also revealed that Nishimatsu, who took over as JAL president in 2006, slashed his salary to 9.6 million yen ($106,000) a year at his own initiative in fiscal 2007. Indicating that such moves are unusual for a CEO of one of the world's top airlines, the report also showed Nishimatsu saying, "I need to share the pain with people in my generation who take early retirement." Amid the financial crisis, CEOs of U.S. companies have come under fire over their huge salaries, bonuses and perks while their companies suffer financially and their workers are in constant danger of being let go. After the CNN report was broadcast, JAL's headquarters received e-mail messages from the United States, saying they were moved by Nishimatsu's efforts. Some said the JAL CEO is "my new hero."

Words of acclaim also poured in from Canada and the Netherlands, with some calling Nishimatsu a model for a company manager. YouTube carried the CNN report online and got more than 170,000 hits. Commenting on the huge response he attracted, Nishimatsu said: "It's natural to share pain with the employees. I'm embarrassed by such attention." It is no secret that the salaries and perks of Japanese CEOs have paled in comparison to those of their U.S. counterparts. The discrepancy has long been a source of curiosity in Japan. "We believe (what Nishimatsu has been doing) is not so special for someone at the top of management in a Japanese company. We wonder if it's due to cultural differences," a JAL official said.

[Tsuru]

Now let's see those cocksuckers from AIG or GM do the same thing.

[maraboutslim]

I can't remember who it was, but one of the ceo's of a financial or auto companies flat out replied "no. not at this time," to a question from a u.s. senator about whether he'd be willing to take no salary.

[Greji]

I can't remember who it was, but one of the ceo's of a financial or auto companies flat out replied "no. not at this time," to a question from a u.s. senator about whether he'd be willing to take no salary.

First of all, it is none of the US Senator's business to say or contrtol how much the CEO or lowest employee of a company is making. That is for the company and its stock holders to fight out.

It is too easy for those who have not, to look at those that have and say, look how much he is getting paid, he shouldn't get a dime....

IMNSHO, that's why government should not be envolved in bailing out free operating companys. The market will adjust for them. If they survive they rebound, if they don't they file for Chapter 13 and re-structure.

Apparently, (I use that term with question) the bank problems were of such an emergency, that the government felt it had to step in. But, now everybody is lining up from companies to local governments with a "Quick bail me out, I'm about to go under"....

[maraboutslim]

First of all, it is none of the US Senator's business to say or contrtol how much the CEO or lowest employee of a company is making. That is for the company and its stock holders to fight out.

If they run their company on their money, then fine. But if they expect my money to make up for their failures, then we absolutely should have a say in how that money gets spent and that includes questioning executive compensation.

[Greji]

If they run their company on their money, then fine. But if they expect my money to make up for their failures, then we absolutely should have a say in how that money gets spent and that includes questioning executive compensation.

That's what I'm saying Slim. If it is their company and money, it is their problem. Bankruptcy is not the end of the earth. Congress has been trying to get into the hog market. So everyone wants a free bailout. Can't blame them with the government's reactions. Anyway, since congress is so fucked, why don't they ask the members of congress to take a pay cut? That is definitely our money they're pocketing....

[Mulboyne]

[2triky]

Heroes of the Economy: Where are they now?

Rob Katz

Heroic act: Cut his salary to $0
Result: Layoffs were mostly avoided

Earlier this year Rob Katz cut his $840,000 a year CEO salary down to $0 for 2009. He knew that things could get tough during the recession for a resort destination such as Vail Resorts, which has five ski and snowboard slopes in Colorado and Nevada.

Then he asked his employees to take cuts as well to help colleagues keep their jobs. Seasonal workers were asked to take a 2.5% pay cut; executives 10%; and the board of directors 20%.

The moves saved more than $10 million, and only 50 of the 15,000 Vail Resorts employees were laid off -- which is far better than what Katz thought would happen.

"If last year was the worst of it, we survived its best punch and are still fighting," Katz says. "With [businesses] like us, it's not about the exact unemployment rate -- it's about how many people are worried about losing their jobs. And the latter has definitely come down."

Katz plans to start reinstating pay -- starting at the bottom -- as soon as he sees a steady improvement in the economy. When Katz begins paying himself again, he'll take a 15% cut off his original $840,000 salary.

"What you do in tough times shows who you are," he said. "We made a shared sacrifice, and now the camaraderie is incredible."