It’s the right time when CXO’s should take a next step. I appreciate people who have spent lot of time in making the companies successful and now they have looked out for some noble cause.
Nothing can be better then to have public image from a big corporate world.
Warner Chilcott plc has received Stephen G. Pagliuca’s formal resignation from the board of directors of Warner Chilcott plc. Consistent with Mr. Pagliuca’s recent statements, “his decision to resign was made in connection with his decision to run for the U.S. Senate seat for Massachusetts and was not the result of any disagreement with the Company”. Mr. Pagliuca has not participated in any board meetings or discussions relating to the Company since the announcement of his campaign in September 2009.
I have heard companies during recession ask CXO to work without pay. Here the case is bit different “Pay without work” Rashmi Garde, who departed from her role as Vice President and General Counsel on September 22, 2009 will receive biweekly salary continuation payments through September 22, 2010 or such earlier date that she commences employment elsewhere.
It is always interesting to read the 8-K specially the Item5.02. The same information is available under http://sec.gov/Archives/edgar/data/1124610/000119312509209207/d8k.htm.
Its a great move by the board of Vitesse Semiconductor Corporation VTSS. I think they are taking the correct steps in investing in technology and at the same time cutting the expenses.
In the last 2 months they have done a great job in technology:
- VITESSE AND DUNE NETWORKS DELIVER INTEROPERABLE END-TO-END SOLUTION
- Advanced Vitesse 10 Gigabit Ethernet LAN/WAN PHY Sets New Standards for Compact SFP+-Compliant Transceiver
As previously disclosed in a Current Report on Form 8-K filed by Vitesse Semiconductor Corporation (the “Company”) with the Securities and Exchange Commission on February 26, 2009 (the “February Form 8-K”), Christopher Gardner, the Company’s Chief Executive Officer, agreed to a temporary 20% reduction in his base salary. The February Form 8-K also disclosed agreements between the Company and Richard Yonker, the Company’s Chief Financial Officer, and Michael Green, the Company’s Vice President, General Counsel and Secretary, for temporary 10% reductions in their base salaries. These temporary salary reductions were agreed to as part of the Company’s expense reduction initiative and were contemporaneous with a temporary reduction of salaries for all employees through the end of fiscal year 2009, ended September 30, 2009. On October 1, 2009, the salaries of the Company’s employees other than Mssrs. Gardner, Yonker and Green were reinstated to the same levels as in effect prior to the reduction.