When is a pay reduction more like a raise? Ask Novellus CEO.
Novellus Systems said Wednesday that Chief Executive Richard Hill will begin getting paid a base salary equal to 90 percent of his reported 2008 base salary, which was $878,000, according to the company’s last proxy, making his new base salary $790,200. Divided by 12, that amounts to about $65,850 a month.
But the reduction is effectively a raise, given that since Jan. 1, Hill, at his own request, has been receiving just half of his 2008 base salary, reducing his annual rate to $439,000m which works out to a monthly rate of about $36,583.
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When NVLS was laying off its workers did it even consider offering them half pay to keep their jobs? NO! I doubt there was a worker out there that wouldn’t have considered 50% better than 0 percent.
Just another case of the top only considering themselves and not giving any thought to what the workers would have appreciated.