Hostess CEO cuts everyone's pay but his own
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Hostess CEO cuts everyone's pay but his own
Hostess Brands CEO Greg Rayburn initiated a companywide pay cut of about eight per cent. But Rayburn decided he didn’t need that pay cut and continued to collect his $125,000 a month. He said he wasn’t officially on the Hostess payroll and didn’t have to take the cut. In doing so, he showed a remarkably tin ear to public perception in the closely followed Hostess bankruptcy case.
Hostess Brands was doomed by several factors, including bad management, stringent unions, a lack of innovation and a consumer shift away from sugary carbs. Rayburn wasn’t part of the team that ran Hostess into the ground – he started at the company only in February. Still, he has to manage the remaining employees, and not cutting his own pay along with everyone else’s made him seem aloof and selfish.
* Bing: Who will save the Twinkie?
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