Tuesday, December 2, 2008

Electro Scientific Cuts Executive Pay

Portland, Oregon-based Electro Scientific Industries, a manufacturer of equipment for the semiconductor industry, disclosed Tuesday in a filing with the SEC that the firm is cutting pay for its President and CEO and Vice Presidents. According to the firm, it will cut the President and CEO's salary by 15%, and cut the salaries of each VP by 12%, as part of a temporary pay reduction. Reasons for the cuts were not given. The firm said the cuts were made on November 25th.