Fisher Management Takes Voluntary Pay Cuts
December 17, 2008 at 6:23 AM (PT)
FISHER COMMUNICATIONS Pres./CEO COLLEEN B. BROWN has written a letter to shareholders, summing up 2008 -- and included a suprise -- designed to convey the management's serious attempt to cut costs in this bad economy.
"This year, we have centralized duplicative corporate and administrative programs, reduced our workforce by 10%, as well as instituted a wage freeze, suspended the 401(k) match program and reduced discretionary spending. In addition, no 2008 cash bonuses will be paid to the executive management team nor will general salary increases be given across the Company in 2009. In fact, to help FISHER navigate through these challenging times and to demonstrate that accountability and actions matter, I have decided to take a voluntary 10% reduction in my base salary for 2009, and have been joined in my offer by ROB DUNLOP, our Senior Vice President of Operations. Many of our station leaders and other selected key employees have followed my lead by volunteering to take a 5% reduction in their base salaries for 2009. And in keeping with the task of resetting expenses to align with the country's current economic environment, the Company will continue to pursue additional cost-saving measures."
FISHER is a SEATTLE-based communications company that owns and operates 13 full power television stations, 7 low power television stations and 8 radio stations in the WESTERN UNITED STATES.