AbitibiBowater CEO Offers to Forgo $1.7M in Compensation

Veteran forest products industry leader Richard Garneau had a message Monday for critics of AbitibiBowater Inc.’s level of executive pay as it emerges from a major restructuring and faces highly competitive world markets. “My top priority is the long-term success of AbitibiBowater and I'm prepared to forgo $1.7 million in personal compensation this year to make my point.”

Other senior executives accepted special compensation last week, but he said companies with a long-term future must be able to attract and retain talented executives.

AbitibiBowater reported adjusted third-quarter earnings of $52 million on sales of $1.2 billion, little changed from a year