Quiksilver Inc. has approved a 5% cut to the annual base salaries of some top executives as part of its cost-cutting efforts, according to a Securities & Exchange Commission filing.
The current reductions, effective Feb. 1, are in addition to earlier pay cuts implemented in February last year, the company said in a regulatory filing dated Jan. 20. Consequently, the annual base salary of CEO Robert McKnight has declined 16% to $903,000, according to the filing. Annual base salaries for the chief financial officer and the chief administrative officer have gone down by 8% and 10% respectively.
The company, which has seen deteriorating same-store sales trends, is also expecting a loss for the first quarter.
