GigOptix Slashes Salaries
PALO ALTO, Calif., March 24, 2009 – Optoelectronics maker GigOptix Inc. said it has reduced salaries from 10 to 18 percent in an effort to cut expenses during challenging economic times.
Under the plan, which went into effect Monday, company CEO Dr. Avi Katz’s salary was cut by 18 percent; those of the other executive officers was reduced by 15 percent, and other employees received a 10 percent pay cut. The employees all will receive company stock options equal to 10 percent of their outstanding options as compensation for the reductions. The plan is expected to save the company more than $900,000 a year, GigOptix said.
“I am very proud of the effort of all of our employees and our company’s continued performance in this unprecedented and challenging environment,” Katz said. “Fiscal responsibility is an important key to our ongoing success, and cost reduction is imperative in today’s climate to ensure that we maintain the strongest financial position possible for our shareholders. By preserving the personnel who are instrumental to our organization and asking everyone to take less, starting at the top, we can continue to focus on meeting our short- and long-term financial goals.”
GigOptix is a fabless manufacturer of high-speed electronic devices, including polymer electro-optic modulators, modulator drivers, laser drivers and TIAs for telecom, datacom, Infiniband and consumer optical systems, covering serial and parallel communication technologies from 1 to 100 G.
For more information, visit: www.gigoptix.com