Mike Glenn, CEO of Port Townshend, Wash.-based Jefferson Healthcare, has decided to voluntarily trim $10,000 from his annual salary in the wake of budget cuts, according to a Port Townshend Leader report.
Mr. Glenn was hired six months ago with a salary of $225,000 per year. He recently presented a revised 2011 budget with $1.9 million less than the previously approved 2011 financial plan for the system, which is comprised of a Jefferson Healthcare Hospital and more than 10 specialty clinics.
Along with the salary cut, the system is trimming its budget by asking every employee to take a day off with or without pay in the subsequent pay period, including Mr. Glenn.
Mr. Glenn had taken a pay cut while holding his previous position as senior vice president at Valley Medical Center in Renton, Wash., as well.
Read the Port Townshend Leader report on Jefferson Healthcare.
Read more about executive pay cuts:
- Hospital Executive Pay Freezes: When Are They Appropriate?
- When Cutting Executive Salaries is Appropriate
Mr. Glenn was hired six months ago with a salary of $225,000 per year. He recently presented a revised 2011 budget with $1.9 million less than the previously approved 2011 financial plan for the system, which is comprised of a Jefferson Healthcare Hospital and more than 10 specialty clinics.
Along with the salary cut, the system is trimming its budget by asking every employee to take a day off with or without pay in the subsequent pay period, including Mr. Glenn.
Mr. Glenn had taken a pay cut while holding his previous position as senior vice president at Valley Medical Center in Renton, Wash., as well.
Read the Port Townshend Leader report on Jefferson Healthcare.
Read more about executive pay cuts:
- Hospital Executive Pay Freezes: When Are They Appropriate?
- When Cutting Executive Salaries is Appropriate