Sun rewards execs despite profits collapse
Published: 05 Aug 2005 13:15 BST
Sun chief executive Scott McNealy and four other top officers of the company will collect generous bonuses this year even though the computer server company has not met all its performance targets, according to a regulatory filing. Sun's board and top management approved McNealy's $1.1m (£620m) bonus last week, after the company reported an 85 percent decline in fourth-quarter profits and said it would slash 1,000 jobs — about 3 percent of its work force.
The board approved a $280,000 bonus for president Jonathan Schwartz and rewards of more than $150,000 for the heads of finance, human resources and technology "in recognition of progress made during the past fiscal year and for employee retention purposes", the company said in its filing. The board also approved a plan to reduce Sun's leased office space at a cost of about $180m over the next several quarters, according to the filing.
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