Cypress Semiconductor cuts staff pay – including top execs’

While Sunnyvale computer-chipmaker Spansion this week stirred outrage by firing 3,000 workers and then boosting some executives’ pay, Cypress Semiconductor responded to the economic slowdown a little differently.

The San Jose-based Cypress cut its top executives’  2009 salaries along with that of its other employees,.according to a filing with the U.S. Securities and Exchange Commission. That included trimming the pay of Chief Executive T. J. Rodgers.

Rodgers and his top managers will have their base salaries slashed on a sliding scale ranging from 9 percent to 11 percent. Plus, they won’t get an annual bonus for 2008 and will forfeit the fourth-quarter bonus the company typically hands out when times are good.

Cypress spokesman Joseph McCarthy wouldn’t disclose the size of the pay cut for the company’s rank and file, but said it was less than for the top honchos.

“It’s a democratic salary cut,” McCarthy noted. “This is tough on all of us.”

 

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