The compensation committee of Network Equipment Technologies’ board of directors voted last week to enact a six-month salary reduction for virtually all of its employees.
Chief Executive C. Nicholas Keating will have 15 percent knocked off his pay while the salary of the company’s other executives is to be reduced 10 percent. Salaries for most other employees Read the rest of this entry »
In addition to its decision to layoff 10 percent more of its workforce, chip-equipment maker KLA-Tencor also decided to take away two-thirds of the discount it gives to employees buying shares of the company through its employee stock purchase plan.
Previously, employees were able to buy shares at a 15 percent discount, which has Read the rest of this entry »
The compensation committee of Finisar’s board of directors had second thoughts about restricted stock awards they authorized for the company’s named executives last month, slashing their value days after the company cut jobs and reduced benefits.
What happened to change their minds? Read the rest of this entry »
If job anxiety has a sound, it just got louder in Silicon Valley today when its largest company reported an unexpectedly dramatic slowdown in sales for its fiscal 2009 first quarter. One result is that the company is “reducing base pay and certain benefits across the company” beginning this quarter, according to remarks Cathie Lesjak made on the company’s earnings conference call this afternoon.
After the call was over, HP distributed more details of the pay reductions, including Read the rest of this entry »
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