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NewsPoster Jun 21, 2013 10:42 AM
HTC cuts executive pay in half for poor repeated financial results
HTC reduced the amount of pay its executives received by more than half in 2012, following low smartphone sales and <a href=" esults/" rel='nofollow'>relatively poor</a> financial results. Details from an annual financial report released today comes amid reports that the smartphone producer has signed on Robert Downey Jr. for a two-year global marketing campaign. <br />
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Compensation to HTC executives totaled NT$660.5 million ($22 million) in 2012, according to <a href="" rel='nofollow'>the</a> <em>Wall Street Journal</em>, with the figure consisting of salaries, retirement pay, bonuses, and profit sharing. The numbers are down 51.3-percent compared to the NT$1.36 billion ($45 million) paid in 2011. HTC chief executive Peter Chou and engineering and operations president Fred Liu saw their pay fall to below NT$100 million ($3.3 million) each last year, the first time in two years, with others also seeing similar reductions. <br />
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Though it had a bad year in 2012, 2013 appears to be a significant improvement. Sales of the <a href=" lead/" rel='nofollow'>HTC One</a> are booming and should be able to offset some of the <a href="" rel='nofollow'>underperforming</a> devices released so far, with the results possibly allowing the company to reverse the decline in its net profit, which it has seen fall for six quarters in a row. <br />
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While the company is saving money by paying executives less, it is finding other ways to spend it. Two sources of <em>Bloomberg</em> <a href="" rel='nofollow'>claim</a> that Robert Downey Jr. will be paid around $12 million to promote the brand around the world. While it is speculated that the <em>Iron Man</em> star will appear in TV, print, and billboard advertisements for the company, neither HTC nor people representing the actor have passed comment on the story. A spokesperson for HTC declined to comment to the report, but suggested "Anyone with a penchant for metal should be able to appreciate its appeal" when mentioning the HTC One.
Lifeisabeach Jun 21, 2013 01:43 PM
Cutting executive pay for poor performance? That's a new one on me. In other corporations, the working grunts get their pay slashed instead and executive management gets a bonus.
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