CB Richard Ellis chief executive Brett White saw his total compensation for 2008 fall more than 40% after he declined a performance-based bonus.
In a filing to the US Securities and Exchange Commission, CBRE said Brett White’s total compensation for the year was $3m (£2m), down from $5.2m (£3.5m) the year before.
The company said it had not awarded any performance awards based on financial measures as its earnings before interest, tax, depreciation and amortisation (EBITDA) in 2008 did not exceed the minimum 80% threshold.
However, it was prepared to award White a $1.7m (£1.14m) bonus in 2008 based on “strategic measure performance”.
White declined the offer.
In 2008, his salary packaged included a base pay of $850,000, up 4.5% from the year before, as well as $2.2m in stock and option awards.
In March, CBRE announced that its directors had agreed to slash this year’s bonus targets by about 50% compared with 2008 targets.
At their request, their salaries have also been cut this year between 6.7% to 11.8%.
White’s salary is now $765,000.
