TechCrunch-"Well now, this call turned out to be much more interesting than I expected. First, RIM co-CEO Jim Balsillie has just announced that he and partner Mike Lazaridis will be cutting their annual salaries down to $1.
According to Forbes, both men currently receive $1,175,664 per year. While they don’t appear to receive annual bonuses, they both receive restricted stock awards, although the terms under which those stocks can vest are unknown. The news will likely be welcomed by distraught stockholders, but don’t expect Mike and Jim to suffer too much."
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Wow. Talk about taking one for the team. Now these type of CEO's I can get behind. Might just buy me a blackberry in the future.
Even though I'm sure they have money stacked up, this is still a nice approach to company issues. Instead of firing alot of people just cut some of the top salaries.