It’s Called Integrity
by Miki SaxonMixed in with all the bad stuff over the last few weeks of 2014 were some feel-good stories to provide a bit of balance.
One of them that you probably missed was truly surprising.
After all, how many CEOs give back their bonus because they don’t think they deserve and say so publicly?
But that’s exactly what Rick Holley, CEO of Plum Creek Timber Co., did.
He returned 44,445 restricted stock units worth nearly two million dollars.
Holley said, “he does not believe that he should receive such an award unless Plum Creek’s stockholders see an increase in their investment return.”
The board members were surprised, to say the least, CEOs do not refuse, let alone give back, bonuses.
“I told them I wasn’t asking for their approval. They had given these to me and I appreciated their confidence in me, but I didn’t feel comfortable taking them… This has been a year where total shareholder returns are down 10% or more. It just wasn’t the right thing to do.”
And while it’s obvious to any investor or employee that not taking a bonus in a bad year is “the right thing to do” it apparently came as a revelation to those with fiduciary responsibility for all stakeholders.
Apparently the board didn’t realize Holley possesses a trait that’s rarely seen these days, especially where money is concerned.
It’s called integrity.
Image credit: Plum Creek Timber Co.