If you take this at face value, those top 20 execs must have been extremely highly paid if freezing their wages allowed this to happen. (As math done by others

If you take this at face value, those top 20 execs must have been extremely highly paid if freezing their wages allowed this to happen. (As math done by others shows - giving 25 people a 15K raise is ~350k. That means those top people were expecting raises of that much. Implies a crazy base) I suspect there is more to the story. Either the raises paid for themselves via lower attrition, or perhaps came with added productivity. If you look up the company on Glassdoor, there is a lot of negativity towards management.