I took a major financial hit to be a CEO, and as a CEO I feel personally responsible for the company's success. My compensation is primarily in ownership and stock - I would never take a massive pay raise if my company were failing, let alone repeated massive raises over years of company downturn.
And then to wipe out a massive portion of your employee base? I find it abhorrent, personally.
I'm certainly curious as to why, they have a board and shareholders, no? Regardless, it changes little about my point. I'm not saying a CEO shouldn't earn a nice salary, but to repeatedly take raises during a downturn, a downturn so severe you had to completely gut projects, is gross.
And then to wipe out a massive portion of your employee base? I find it abhorrent, personally.