IBM boss Virginia Rometty and her senior management team are giving up their 2013 bonuses as penance for the technology giant's lacklustre performance.
The decision, disclosed in a regulatory filing yesterday, will result in a substantial pay cut for the executives, whose annual bonuses often exceed their salaries.
As chef executive, Ms Rometty will be the hardest hit. She received a 3.9 million-dollar (£2.3m) bonus in 2012 and was eligible for a four million-dollar (£2.4m) payout last year, although it is unlikely she would have received that much because IBM's financial results did not live up to expectations.
Armonk, New York-based IBM's revenue slipped 5% last year, but the company's earnings dipped by less than 1%, thanks to cost cutting.
Ms Rometty still received a 1.5 million-dollar (£914,000) salary last year.