A growing number of companies are freezing salaries, reducing bonus pools and making other major changes to their executive pay programs, a consulting firm reported Tuesday.
Of 145 companies surveyed during the first week of March, Watson Wyatt said roughly half plan to decrease this year's bonus pool by an average of 40 percent. Also, the number of companies that have frozen salaries jumped to 55 percent, from 21 percent when the companies were first polled in December 2008.
''The recession has shone a light on executive pay, causing many companies to re-evaluate the long-term implications of their executive pay policies,'' said Andrew Goldstein, Watson's Wyatt's co-leader of North American executive compensation consulting.
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