In an effort to cut costs, Quiksilver released info today that it was reducing the salaries of top executives by five percent, according to a story on Reuters.
The current reductions, effective Feb. 1, are in addition to earlier pay cuts implemented in February last year, the company said in a regulatory filing dated Jan. 20. . . .Annual base salaries for the chief financial officer and the chief administrative officer have gone down by 8 percent and 10 percent respectively.
Damn shame. CEO Bob McKnight’s salary is now down 16 percent meaning he’s only going to make $903,000 this year. Hopefully, he can make it through.
[Link: Reuters]
