We see telecom executives forego bonuses after difficult years about once in a blue moon, and I'm always amazed that shareholders of companies in similar situations don't put pressure on their own execs to follow suit. Level 3 Communications CEO James Crowe and four of his top execs decided to forfeit their bonuses for 2007 after the telco suffered through a difficult year of financial instability and M&A integration.
Still, there are plenty of companies that finished the year worse than Level 3, which closed out the final quarter of last year by narrowing its profit loss. The company also hasn't yet resorted to job cuts that were reportedly recommended by a consultant.
- check out this coverage at Telephony
- Level 3 announced fourth-quarter earnings this week that noted a narrowed loss