As his company circles the drain, Hostess CEO Gregory Rayburn will continue to make $125,000 a month, the New York Post reported over the weekend.
The rest of the Irving-based company’s remaining employees were hit with an eight percent pay cut – at Rayburn’s hand – but since the CEO isn’t technically an employee of the company, he’ll keep his $1.5 million annual salary thankyouverymuch. A company spokesman told the Huffington Post that since Rayburn was brought in as a restructuring advisor to help with the company’s bankruptcy woes, his title precludes him from the cuts. Never mind the fact that the company’s fortunes have crashed and deliciously burned since Rayburn came on in March, apparently.
One bit of comfort for the 18,000 people losing their Hostess jobs: Rayburn didn’t accept his bonus, which would’ve paid betweenÂ $375,000 and $1.125 million.