White Collar Hero

“The new president of Quebec’s pension fund manager is giving up the performance bonus and other perks that usually come with the job.   Michael Sabia sent a letter this week to the chair of the Caisse de dépôt et placement du Québec saying he will renounce bonuses for 2009 and 2010, even if the fund performs well.  Sabia, 55, is also giving up the $235,000 annual pension that he would be entitled to if he stays with the Caisse until retirement age.”

(via CBC.ca)

It is really great to see an executive turn down bonuses and the excessive perks that most top levels can’t say no to.  I am sure there are plenty more out there.  When companies are failing, it is not a time to take excessive bonus payments or salary increases.  In tough economic times, bonuses and salaries of executives should be cut to more modest levels in order to keep lower employees around so they can feed their families.  Any stories of other execs like Sabia?