Friday, June 27, 2008

CEO Forgoes Salary for Company

In an announcement today from Prepaid Card Holding, Inc, we find out that CEO Bruce Berman will forgo all monthly compensation for the remainder of 2008. Instead of receiving $24,791 a month, his annual income this year will be a $1. He’s going to give the money to marketing efforts.

He said this of the recent news:

We developed our prepaid card expansion plan in 2007. Now in 2008, the demand for the Company’s prepaid product is much greater than we expected. Increased demand means increased marketing and fulfillment costs. So I decided I would rather see $25,000 a month stay in the company and go towards marketing and fulfillment efforts. Often today’s CEOs have to renegotiate contracts with others because situations evolve and change. I have repeatedly told my shareholders that I am focused on shareholder value. Now I am further demonstrating my practice of protecting shareholder value by renegotiating my own contract to the Company’s benefit.

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