"Pay for all its executives, board-level directors and other senior management is being cut"

Surely they normally just sack more staff so the board can keep there abusive salaries? I'm almost impressed with this company... until they say they've cut salaries in the millions by about 20 quid probably...

It's good to see that the management are taking responsibility and cutting their own pay, unlike the greedy bankers who caused this mess in the first place.

"CEO John Coyne’s base salary is cut 33 per cent. Chief Financial Officer Tim Leyden receives a 25 per cent base salary cut; the general counsel and chief technology officer both get a 15 per cent cut, as do the board directors."

I bet they will get bonus's to make up for the base pay cut

as long as they don't start making their drives in China like Seagate, I don't buy any 'made in China' hard disks, as their are much less reliable with many more DOAs according to my experience and what I read around Internet forums.