After AOL Chief Executive Tim Armstrong was heavily criticized for his comments, he reversed the company’s 401 (k) policy back to the original format. Not only did Armstrong correct the 401 (k) changes he made, he apologized for the comments that landed him in hot water.
The company changed back to a per-pay-period matching contribution after trying to switch to an annual 401(k) matching contribution. According to CNNMoney the annual contribution would have caused anyone who left the company before the end of the year to forfeit any match.
Armstrong referenced two women with distressed childbirth deliveries in his decision to change the company’s benefit policy. He commented that the deliveries cost the company millions of dollars.
According to Reuters Armstrong later apologized for his comments saying, “On a personal note, I made a mistake and I apologize for my comments last week at the town hall when I mentioned specific healthcare examples in trying to explain our decision making process around our employee benefit programs.”