IBM CEO, Other Top Execs Give Up 2013 Bonuses
The decision disclosed in a Friday regulatory filing will result in a substantial pay cut for the affected executives, whose annual bonuses often exceed their salaries.
As CEO, Rometty will be the hardest hit. She received a $3.9 million bonus in 2012 and was eligible for a $4 million payout last year, although it’s unlikely she would have received that much because IBM’s financial results didn’t live up to expectations.
IBM’s revenue slipped 5% last year. The Armonk, N.Y.-based-company’s earnings dipped by less than 1%, thanks to cost cutting.
Rometty still received a $1.5 million salary last year.