Micron chairman takes 100% pay cut
But what about bonuses and stock options?
Micron chief Steve Appleton has decided he won't get paid until his company is making a profit again.
But since he earns over $784,000 - according to the company's Securities & Exchange Commission filings - before bonuses and stock options - which he'll presumably continue to receive - we don't think he'll be too badly off.
His underlings will fare less well. Micron staffers earning $60,000 or more will take a ten per cent pay cut and senior staffers will take a 20 per cent cut, according to an email Appleton sent to workers last week, seen by EBN and confirmed by the company.
We don't know whether, like Appleton, their full salaries will be reinstated once the company's fortunes pick up again.
Employees earning less than 60 grand will be unaffected by the plan, which is designed to ensure Micron doesn't need to lay anyone off, Appleton said. Given the current state of the memory market, of course, layoffs can't be completely ruled out, we'd say, though the Appleton stressed that there are no immediate plans for job cuts. ®