AT&T CEO Randall Stephenson will not acccept his 2008 bonus and will not receive a pay raise for 2009. Along with 120,000 other MANAGERIAL employees of the company.
Randall had a $4.5 million bonus in 2007, so he's not turning away chump change. AT&T is doing fairly well and the telecoms industry has not been as hard hit as others in this recession. Still, AT&T is playing it safe. They know it could get worse and they're preparing for it. They've cut 12,000 jobs but at the same time are returning some 4,000 outsourced support center positions to America.
So while Jack Welch and his minions cry foul at the idea of a salary cap, Randall Stephenson does something that proves them wrong. If you want your company to survive, those at the top must show some kind of respect for the reality of the day. Stepehenson is doing that.
Let's hope others will follow.