Burberry's CEO Took a 75% Pay Cut

Christopher Bailey, chief executive officer of Burberry Group Plc, stands for a photograph as he arrives at an event to launch the Burberry festive campaign in London, U.K., on Tuesday, Nov. 3, 2015. The global market for personal luxury goods is heading for its weakest year since 2009 as a combination of stock market turmoil, a strong dollar and a commodity-price rout curb demand. Photographer: Chris Ratcliffe/Bloomberg via Getty Images

While it seems as if many CEOs were paid regardless of performance in 2015, at least one chief executive can attest to the opposite. Burberry cut CEO Christopher Bailey’s pay from $10.8 million to $2.7 million in 2015, a 75 percent decrease as profits tanked and the luxury apparel retailer struggled to show growth, according to its annual report. Burberry bases a portion of its pay on profits for the year. That metric, adjusted profits before tax, fell 7.7 percent to $421 million last year — missing the company’s target.

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