Kodak paid its CEO $8.6 million (including $264,143 in personal aircraft usage) while the company laid off thousands of employees.
Yesterday the company announced that CEO Antonio M. Perez will take a 15% salary cut. Other Kodak senior leadership are taking a 10% salary cut and the board of directors will reduce their cash compensation by 10% for the rest of the year.
Kodak is looking to save money wherever it can. All U.S.-based Kodak employees will have to take a week off without pay between now and the end of the year. And Kodak has suspended its stock dividend.
Sales were down 29% at Kodak in the first quarter of 2009 compared to 2008, as the recession resulted in lower demand for almost all categories of imaging products. For all of 2009, Kodak expects digital revenue to decline 6% to 12% and overall revenue to decline 12% to 18%.