ESI cuts executives' salaries for 3 months
Portland Business Journal
Electro Scientific Industries Inc. announced a 15 percent reduction in its CEO’s salary Tuesday in a filing with the Securities and Exchange Commission.
The Portland-based company (NASDAQ: ESIO) also said it would cut the salaries of vice presidents by 12 percent.
The reductions began Dec. 1 and will end Feb. 28.
The company’s CEO, Nicholas Konidaris, made $1.44 million in fiscal 2008, down from $1.71 million in fiscal 2007, according to the company’s most recent proxy statements.
The four ESI vice presidents listed on the proxy statement made between $159,000 and $604,000 last year.
The company makes manufacturing equipment for the semiconductor industry.
Shares opened the year near $20, but now trade for around $6. They have a 52-week range between $5.05 and $21.50.
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