Dive Brief:

• Staples CEO Ron Sargent turned down a previously approved 2.5% salary increase in light of declining revenue and profits, the retailer said Wednesday.

• The raise would have increased his earnings by $31,230. Sargent received a $1.29 million salary and $10.77 million in total compensation in fiscal year 2013. The planned raise was half of the 5% raise he received the previous year.

• The salary news came amid other board moves, including changes to the board’s membership. 

Dive Insight:

As a well compensated chief executive, Sargent will hardly be feeling much pain despite turning down his pay hike. But at a time when there’s a spotlight on the minimum wage, which is the end of the scale at which many retail workers work, Sargent’s move is a refreshing one. 

In the bigger picture, Staples seems to be making adjustments after activist investor Starboard Value LP revealed its 6% stake in the company and increased its stake in rival Office Depot. Since then there’s been increased speculation regarding a merger of the two office-supply retailers.