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“There has to be some sense of equity. If there were a lot of furloughs and the organization isn’t hiring people back now, it is awfully tough to offer discretionary awards,” said Steve Sullivan, managing director, Pearl Meyer.
“Generally, executives [in healthcare] seem to be sharing more of the burden via pay cuts than in past recessions,” said Ed Steinhoff, managing director, Pearl Meyer.
“Board members want the people who know the business, know the assets of the company, know the nuances and facets of the business, and can leverage that understanding and knowledge to extract value going forward in a bankruptcy,” said Ian Keas, a principal at Pearl Meyer.