Everyone suffers during an economic crisis.
But while suffering for most people means layoffs, unaffordable food prices and higher energy costs, suffering for the top 1% means being slightly less rich.
It has been the season of high-profile chief executives taking a shave off of their salaries amid slumping stock prices and lower profits as hiring freezes and layoffs have not been enough for some shareholders.
Here's a list of 5 big-name CEOs taking pay cuts so far this year.
Larry Fink, BlackRock
Larry Fink is the newest executive added to the list, with recent regulator filings showing the head of the international wealth management firm (BLK) is taking just a $1.5 million base salary in 2022, with $7.25 million in cash incentives, $12.7 million in long-term incentive awards and deferred equity of $3.75 million, according to PI Online.
The $25.2 million in total compensation was a 30% drop from the previous year.
Tim Cook, Apple
Some executives are proactive when it comes to cutting their compensation.
Apple (AAPL) CEO Tim Cook requested his target compensation to be $49 million, a 40% hair cut from his compensation in 2022. In 2021, he made nearly $100 million in total compensation, according to the Wall Street Journal.
David Solomon, Goldman Sachs
Goldman Sachs (GS) CEO David Solomon saw his compensation drop to $25 million in 2022, down from the $35 million he made in 2021 after Goldman Sachs reported record profits.
Those profits declined by nearly half and the company's stock -- and Solomon's compensation -- suffered as a result.
Sundar Pichai, Alphabet
Sundar Pichai told his employees at Alphabet (GOOGL) that the company's top executives would be taking a "significant reduction in their annual bonuses" in 2023, but he did not specify just how long the company's top employees would be paying penance.
He told employees that the cuts were "tied directly to company performance," Insider reported. In January, Alphabet announced layoffs of about 12,000 people, or 6% of its workforce.
Pat Gelsinger, Intel
In February, Pat Gelsinger told his employees at Intel (INTC) that he would be taking a 25% pay cut as part of cost-cutting efforts at the chip maker. Other top executives at the company also saw salary reductions ranging between 5% and 15%.
Intel had a rough 2022, with the stock losing half its value during the year.
