ARMONK, N.Y., Feb. 1 (UPI) -- U.S. technology giant IBM said in a regulatory filing its top-tier management team will pass on bonuses for 2013 due to disappointing sales results.
The Wall Street Journal reported Saturday the company's compensation committee approved the proposal Friday to have the senior management skip bonuses for the year.
IBM reported a revenue drop of 4.6 percent in 2013.
The bonus package that had been set up for Chairwoman and Chief Executive Officer Ginni Rometty was $4 million and that figure will roll over to 2014, the Journal said.
The incentive package for Chief Financial Officer Mark Loughridge, who retired Dec. 31, was more than $1 million. Senior Vice President and Group Executive of software and systems Steven Mills had an incentive target set at $968,000, the Journal said.