Corporate boards are slashing the pay of some leading CEOs in a new trend that could just be getting started.
The pay cuts are hitting some of America’s best-known and highest-paid bosses, including Apple CEO Tim Cook, Morgan Stanley CEO James Gorman and Goldman Sachs CEO David Solomon.
The moves follow a dreadful year in the stock market – 2022 was the S&P 500’s worst year since 2008 – and come as a growing number of corporations lay off rank-and-file workers to brace for a potential recession.
For example, Goldman
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