Emmis' Smulyan Reduces Salary To $1
December 12, 2006 at 5:51 AM (PT)
In a filing with the Securities And Exchange Commission (SEC) submitted MONDAY, EMMIS COMMUNICATIONS CORP Chairman/Pres./CEO JEFF SMULYAN will be reducing his base salary for the fiscal year ended FEBRUARY 29, 2008 from $880,000 to $1 as part of a corporate cost-cutting initiative.
In the same filing, the compensation committee of the board of directors of EMMIS COMMUNICATIONS CORP. adopted a bonus plan for PATRICK WALSH, the company's new EVP/CFO/Treasurer. Because WALSH was hired in the middle of the year, he is not covered under the bonus plan applicable to other EMMIS executives. The bonus plan for WALSH provides for a $150,000 target bonus covering the period from SEPTEMBER 1, 2006 through FEBRUARY 28, 2007.
More details about the filing can be found here.