Senior managers and directors will forego 10% of their compensation in 2009.
Israel Chemicals Ltd. (TASE: ICL) is joining the trend of salary cuts for senior managers, in an attempt to avoid layoffs. The company announced to the Tel Aviv Stock Exchange this morning that its CEO, Akiva Mozes, sector managers, and managers of subsidiary companies, would forego 10% of their salaries.
The salary cut will be carried out, the announcement said, "as a step representing a personal example and as a way of joining in the group's efforts to save and become more efficient."
Israel Chemicals directors will also forego 10% of their compensation in 2009.
Published by Globes [online], Israel business news - www.globes.co.il - on January 15, 2009
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