Cleveland.com – With his company cutting jobs to cope with the recession, the head of a local company decided on his own to take a $600,000 pay cut.
Edward Crawford, chairman and chief executive of Cleveland’s Park-Ohio Holdings Corp., voluntarily waived $600,000 of his 2008 bonus money, according to a regulatory filing the company made this morning.
Crawford, whose trademark is wearing one of his dozens of baseball caps with a business suit, gave a matter-of-fact reason for taking the unusual step:
“Well, for the good of the company,” he said simply in a phone conversation today.
