| |
Harris Non-Employee Directors to Receive Pay Cut
The Compensation Committee of the Board of Harris Interactive has approved a proposal to reduce Non-Employee Director compensation from $41,500 to $35,000, in order to better align their payments with the recent cost control initiatives implemented by the firm.
This follows the company's announcement in March that it would be making a further 90 staff redundant - 16% of its US full-time workforce - in a bid to make $10m in cost savings. The firm also saved $9.5m through headcount reduction in October and December last year.
In addition to the changes to Non-Employee Director pay, recompense for both the Chairman of the Board and Lead Director will be reduced from $15,000 to $5,000 per year, and the Chairman of the Audit Commission will now receive just $3,000 instead of the $7,500 received in the prior year.
As part of the proposal, the number of shares that each Non-Employee Director will receive in November will be calculated by dividing their annual cash retainer of $35,000 by the higher of $2.00 and the closing price for the company's stock price.
Supplemental grants of 3,500 shares of restricted stock, reduced from 5,000 shares granted for the prior year, will be made in November to the Chairman of the Board, the Lead Director, the Chairman of the Audit Committee and the Chairman of the Compensation Committee.
The changes will be applied after the company's AGM in October.
Web site: www.harrisinteractive.com .
|
