According to documents filed with the Securities & Exchange Commission, executives at Enterprise content management company EMC will have their pay cut this year.
Five of the top executives of the company, which makes enterprise content management solution Documentum, will be taking a 10 percent pay cut in 2009. EMC says the pay cuts are part of its ongoing attempt to cut costs, especially in light of the economic situation across the world.
In addition to the cut in pay, the company is taking away from some additional perks from executives. According to the SEC filing, "effective January 1, 2009, as part of our ongoing cost reduction initiatives, we eliminated the car allowance formerly provided to our Named Executive Officers".
Earlier this year the Massachusetts-based IT company announced it would be cutting 2,400 jobs in 2009 and through the first half of 2010. It said the move was part of a restructuring plan that would cost the company $75 million this year.
But in January company president Joe Tucci said EMC would attempt to gain market share throughout this year and invest heavily on research and development.