IBM freezes pay of top bosses


IBM freezes pay of top bosses

Antony Savvas

IBM has said that it will not raise the salaries of its top 50 executives until business picks up at the world’s biggest computer company.

The announcement was made at a shareholder meeting earlier this week and comes after IBM reported poorer than expected quarterly results.

IBM is seeing less business in markets such as Japan and some European countries, and its services business isn’t clinching the deals it needs to boost performance.

A proposal by one shareholder at the meeting that IBM should think again about outsourcing jobs offshore to the likes of India was heavily defeated by fellow shareholders.

Despite struggling in the market, IBM still increased its share dividend, which helped boost its share price.

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