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Sanmina Cuts Execs' Pay and Initiates Unpaid Leave

Published: 22 January 2009
 by Staff
SAN JOSE, CA – Continuing declines in product demand has forced Sanmina-SCI Corp. to implement serious cost-saving measures during the second quarter. Executive compensation will be reduced, and employees worldwide will be forced to take unpaid leave.
 
Chairman and CEO, Jure Sola, will take a 20% cut in pay. His salary for 2008 was $800,000. Other top executives will see a 10% cut in their salaries.
 
Employees are expected to take at least two weeks of unpaid leave during the second quarter, but some vacation time can be used, according to Sola. Over the past three months, Sanmina went through major layoffs, with 160 workers getting pink slips in November and December. 
 
Despite dismal market conditions and weakening demand, Sola remains optimistic. “To offset this decline, we remain focused on our efforts to reduce costs, improve operating efficiencies and deliver innovative technologies.”
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