Yesterday afternoon, Kimball International (KBALB) of Jasper, Indiana announced an across-the-board salary cut. Part of the announcement was as follows:
“Approved by the Committee was a reduction in compensation for Kimball CEO Jim Thyen, who will receive a 10% cut in annual base pay. The Company will also reduce base pay compensation for all Officers by 5%, as well as a 3% reduction for all other salaried personnel. It is estimated the pay reductions will total approximately $3 million in annual savings. The reductions will go into effect with pay periods beginning February 23, 2009 for Mr. Thyen and the Officers, and with pay periods beginning March 23, 2009 for all other personnel.”
In a separate press release, it announced the slashing of its dividend -- horrendously slashing. Here's an excerpt:
"This dividend represents a reduction of 11 cents per share, or approximately 70%, from the quarterly dividend rate paid in 2009’s first quarter. "
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