CEO Turns Down $2.2 Million Cash Bonus After Subpar Performance

| by Jonathan Constante

A chief executive and company president both turned down $2.2 million cash bonuses after lackluster performance.

Richard Handler, the chief executive of Leucadia National Corporation, and Brain Friedman, the company’s president, have both turned down their performance-based cash bonuses, Leucadia said in a regulatory filing.

According to the report, Handler was entitled to a cash bonus of $2.2 million but declined to accept. Leucadia, parent of investment bank Jefferies Group LLC, said that Friedman turned down a bonus for the same amount.

Handler is also the CEO of Jefferies, and Friedman is a company chairman.

Jefferies reported a fourth-quarter loss in December due to lackluster fixed income trading in a trepid trading environment. The company put its financial derivatives brokerage and commodities up for sale.

Jefferies is only the latest bank to make such a move as stricter regulations have increased both cost and competition.

Reuters reported last week that Macquarie Ltd was in talks to buy Jefferies’ financial derivatives brokerage and commodities. 

Source: Reuters / Photo Credit: Fortune