CETG.OB CEO to Give Up Salary and Bonus
In this morning’s news, Capital City Energy Group, Inc. CEO Timothy W. Crawford announced that he has foregone his salary and any stock-based compensation for this year. As a result of this action, Mr. Crawford will not receive cash or stock compensation earned during 2008. According to the company, the CEO is the largest beneficial owner of shares.
Commenting on the action, Mr. Crawford stated, “Since we have become public, the Company has made substantial progress in building both the exploration, production and energy services businesses. We have also incurred additional costs as a public entity that we did not have as a private company. As the Company’s largest shareholder, I felt it was appropriate to help defray some of these expenses by eliminating my compensation this year, in order to enhance Capital City’s earnings. Increased earnings directly affects the value of the shares.”
Capital City Energy Group understands what it takes to see sustained business success, which includes high standards of business conduct, effective corporate governance, sound financial controls, operational integrity and community engagement. These values are evident in the company’s underlying principles which accentuate teamwork and commitment to professional superiority and integrity. The management is dedicated to growing and maintaining the company’s unique corporate culture, while upholding core values which place the interests of shareholders first.
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