Bravo! Caterpillar!

We’ve gotten so used to the self-serving executivocracy in this country that the thought of a major company actually cutting from the top doesn’t register long enough for serious consideration.  How many op-eds have you read recently where there was a serious plan/argument for corporate cutbacks that didn’t start with the workforce?  There have been many calls for cutting executive pay, but it’s been in the context of government bailouts – as if you have to take government money before you do the right thing.

A new day has dawn … Caterpillar or Peoria, IL announced today that it’s cutting back like many other manufacturers.  The difference is that they are cutting executive pay up to 50%, managers and support employees will have pay reduced up to 15%, slashing bonuses and offering early retirements.

In other the words the cuts are beginning at the top.  Along the way, more people who are employed today, may actually still have jobs tomorrow.

• Caterpillar to cut executive pay; sets hiring freeze – Bloomberg
• Caterpillar to cut white collar pay up to 50% – USA Today