So he is cutting expenses, planning just one vacation in 2002 -- and only with his wife -- instead of the three vacations the family took in 2001, two with all six children.
Staff who already work long hours for a pittance deserve time off just like anyone else, but more importantly the retailers themselves are finding it harder to justify the expense, planning and bad publicity.
Regardless, options expense plans as they are being implemented by a few should have all companies reconsidering how readily they dole out options to executives and the rank and file.
That means they are not earning enough income to cover basic expenses, plan for important life events like college or save for emergencies like unexpected health bills.
FINANCIAL TIMES Bank of America Plansns as Much as $3 Billion More in Cuts | The bank, which already said it would cut $5 billion from annual expenses, plans to increase those savings, for a total of $6 billion to $8 billion a year, Bloomberg News reports, citing a staff meeting.
To offset cleanup-related expenses, BP planned to sell up to $30 billion in assets, including $7 billion in oil and gas fields to be sold to Apache Corp. Responding to the BP disaster, U.S. Pres.
Mr. O'Sullivan said one expense he planned to cut was the corporate jet, which he said cost $3.7 million a year to rent.
Kimberly-Clark, which is based in Dallas, reduced costs by more than $40 million in the last quarter, part of $200 million in expense reductions planned for the year.
The Committee is paying his personal expenses; he plans to get bank financing for the rest.
To reduce expenses, Devon plans to cut 538 jobs, including 291 held by former Ocean Energy employees, by the end of this year, the chief executive, Larry Nichols, said in a conference call with analysts and investors.
