Aflac Chairman and Chief Executive Officer Dan Amos will forgo a $2.8 million bonus he earned last year, the company announced Monday.
"The board's compensation committee accepted his proposal recognizing that, although Aflac delivered a strong operating performance in 2008, it is not reflected in the company’s stock price given the current turbulence in the stock markets," the company said in a news release after trading on the New York Stock Exchange closed.
Kriss Cloninger III, Aflac's president and chief financial officer, voluntarily reduced his bonus by $477,000 or 35 percent. That means Cloninger was due a bonus of more than $1.35 million and took about $900,000.
The announcement comes as the company's stock has been getting hammered over the last month amid concerns about investments in European banks.
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