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The Quiksilver board of directors approved a pay cut for top company executives last week, according to a filing this afternoon with the Securities and Exchange Commission.
Here's the text of the filing.
"On January 16, 2009, the Compensation Committee of the Board of Directors of Quiksilver, Inc., in connection with the Company's efforts to reduce costs and expenses, approved a 5% reduction in the annual base salaries (effective as of February 1, 2009) of certain of the Company's executive officers. As a result of this reduction, the annual base salaries of Robert B. McKnight, Jr., the Company's Chief Executive Officer and President, Charles S. Exon, the Company's Chief Administrative Officer, Secretary and General Counsel, and Pierre Agnes, the Company's President of Quiksilver Europe, will be $903,000, $404,000, $404,000, respectively.
"This current salary reduction is in addition to other salary reductions applicable to the Company's executive officers which were implemented in February 2008. After giving effect to both salary reductions, the base salaries of Mr. McKnight, Mr. Exon and Joseph Scirocco, the Company's Chief Financial Officer, have been reduced, in the aggregate, by approximately 16%, 10% and 8%, respectively."
In February 2008, the board rescinded pay raises it had approved a few weeks earlier. See the related links on the left.
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