Swedish CEO says he will work for free

STOCKHOLM, SWEDEN: Lars G Nordstrom isn't the only CEO being criticized these days for earning too much money during the world financial crisis. But he may be one of the few who has reacted by deciding to work for free.

Since becoming head of the Swedish postal service in July, Nordstrom has been paid 900,000 kronor ($110,000) a month. And that is on top of the millions he receives in a retirement package from his previous job as chief executive officer of the banking group Nordea AB.

The Swedish media have criticized Nordstrom for making more money as CEO of Sweden's Posten Sverige AB than 45 letter carriers do, and seven times more than Sweden's prime minister.

On Saturday, Nordstrom said in a TV interview that he will give back all the money he has earned with the postal service and work for free from now on.

He said the debate over his pay has been damaging to the company and its staff, and he just "doesn't like indications that I am greedy."