Photo: zzzack
As the effects of the economic crisis begin to be felt not just on the institutional level, but on the personal level, it’s been hard for me to feel empathy for the “pains” of the super rich.
A recent article in the New York Times reported that the city’s upper class was feeling miffed about being compelled to change its consumer and travel habits: instead of taking a private jet, they’ve begun scaling back… to first class.
But amidst all the “Oh, poor me” stories, a press release from someone who could easily put himself in that category but chooses not to helps restore my faith that some folks with deep pockets do remember the little guy.
Bill Marriott, Chairman and CEO of Marriott International–owner, manager, or franchiser of numerous hotel chains, including Marriott, Fairfield Inn, Renaissance, and the Ritz Carlton–released a statement announcing that he has voluntarily reduced his 2009 salary by 2/3.
Now that may not seem like such a loss for the man whose 2007 salary was almost $2 million, but in a corporate landscape that’s become overpopulated with “Take the money and run” executives, Marriott is setting an example some of his peers in the industry should follow.
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4 Comments... join the discussion!
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With other CEOs making far more than $2 million, I think cutting his own pay to two-thirds was a humble step for this man to take. His lifestyle will have to change drastically, when others in his position aren't even willing to freeze their pay and endure just a minor change in their lives. I hope other CEOs, etc. look at him, think he's done the right thing and realize they can well afford to give up some of their own money. Even if no one follows his example, though, kudos to him for setting the example and for saving people at his own company from layoffs by pumping his own money into their paychecks.
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its a distraction all employees of columbia sussex which owns marriotts took a 3% – 15% paycut but they're still expecting us to sell rooms at top dollar and trying to squeeeze upgrades out of people its crap
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WOW! As someone who has worked in the luxury hotel market for the last 10-15 years, I can’t imagine someone in his position doing something so significant. I hope that people follow Bill Marriott’s lead in all industries instead of letting valuable staff go during these tough times.
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