SAN FRANCISCO, Oct 23 (Reuters) - U.S. computer hard drive maker Western Digital Corp said it was raising the pay of its CEO and three other executives, reinstating the salaries 10 months after cutting the salaries to save costs.
Western Digital said the compensation committee of the board of directors approved the reinstatement of the executives on October 19, effective immediately, according to a Securities and Exchange Commission filing on Friday.
The annual base salary of Western Digital CEO John Coyne was raised to $900,000 from $600,000, according to the filing.Finance Chief Timothy Leyden's salary was increased to $550,000 from $412,500.
General Counsel Raymond Bukaty and Chief Technology Officer Hossein Moghadam each had their salaries increased to $410,000 from $348,500.
Western Digital had cut the executives' salaries in December as part of a restructuring plan to 'realign its cost structure with a softer demand environment.'
The company said at the time it was reducing its headcount by 5 percent, or 2,500 people, cutting hours, capital spending and shuttering several manufacturing facilities.
Shares of the company are up 178.6 percent since December 17 when news of the cuts were announced.
(Reporting by Alexei Oreskovic, editing by Leslie Gevirtz) Keywords: WESTERNDIGITAL/EXECUTIVE (alexei.oreskovic@thomsonreuters.com; +1 415 677 2511; alexei.oreskovic.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Western Digital said the compensation committee of the board of directors approved the reinstatement of the executives on October 19, effective immediately, according to a Securities and Exchange Commission filing on Friday.
The annual base salary of Western Digital CEO John Coyne was raised to $900,000 from $600,000, according to the filing.Finance Chief Timothy Leyden's salary was increased to $550,000 from $412,500.
General Counsel Raymond Bukaty and Chief Technology Officer Hossein Moghadam each had their salaries increased to $410,000 from $348,500.
Western Digital had cut the executives' salaries in December as part of a restructuring plan to 'realign its cost structure with a softer demand environment.'
The company said at the time it was reducing its headcount by 5 percent, or 2,500 people, cutting hours, capital spending and shuttering several manufacturing facilities.
Shares of the company are up 178.6 percent since December 17 when news of the cuts were announced.
(Reporting by Alexei Oreskovic, editing by Leslie Gevirtz) Keywords: WESTERNDIGITAL/EXECUTIVE (alexei.oreskovic@thomsonreuters.com; +1 415 677 2511; alexei.oreskovic.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.