SATS cuts board and executives' pay
President and CEO Alexander Hungate's salary was cut by 15%.
SATS’ board of directors and its executives have received a cut in salaries or fees, effective since 1 March, a local bourse filing revealed.
President and CEO Alexander Hungate had his salary cut by 15%, whilst the company’s executive vice presidents and senior vice presidents will see their pays cut by 12%.
Vice presidents received a 10% pay cut, whilst non-executive director fees will be slashed by 15%.
All managers to assistant vice presidents will also take a 5% pay cut starting 1 April.
This follows after their announcement last 19 February, where they detailed a series of cost reduction measures to brace against the impact of COVID-19. It included a 10% reduction in pay for the senior management team.