The CEO of a U.S. REIT has declined his annual bonus, adding he wouldn’t accept one “unless stockholders see an increase in their investment return,” reports Fortune.
On Dec. 12, Rick Holley, CEO of Plum Creek Timber Co., returned 44,445 restricted stock units granted to him earlier in the year. That day, the bonus was worth $1.83 million.
“This has been a year where total shareholder returns are down 10% or more,” Holley told Fortune. Keeping the bonus, he added, “just wasn’t the right thing to do.”