05.03.2009

DeFeo declines $1.7 million bonus

Terex Corporation chief executive Ron DeFeo has declined a $1.17 million annual bonus, the company has revealed. It said 'DeFeo believed that he should lead by example and share some of the economic burden and voluntarily declined receipt of his bonus'.

However, other Terex executives - Thomas Riordan, Phillip Widman, Richard Nichols and Steve Filipov - received bonuses ranging from $143,000 to $664,000.

Terex has already announced 5,000 job cuts and might have to eliminate more jobs, DeFeo said last week. The company is reviewing its construction and road building units for possible divestiture, as Terex focuses on generating cash and positioning itself for life after the current downturn.