ArcelorMittal top brass to take 15% pay cut

ArcelorMittal top brass to take 15% pay cut
PTI
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First Published: Sun, May 24 2009. 05 39 PM IST
Updated: Sun, May 24 2009. 05 39 PM IST
London: NRI billionaire Lakshmi Niwas Mittal, along with his son Aditya and daughter Vanisha, will see a 15% decline in salaries for their roles at ArcelorMittal, as the steel maker’s top brass takes a pay cut in an added effort to contain cost this fiscal.
“In view of the current economic circumstances in general and in the steel industry in particular, the board decided on 10 February 2009, to propose to reduce the annual remuneration for board members for the year 2009 by 15%.
“The company believes in solidarity and a 15% unanimously agreed cut by senior management was a reflection of the same. This measure was limited to the senior level positions -- vice-presidents and above,” a spokesperson for the world’s largest steel maker said.
The proposal was approved at company’s annual general meeting in Luxembourg earlier this month.
With the latest plan, Lakshmi Mittal, one of the world’s richest man, would see his remunerations as ArcelorMittal’s chief executive officer (CEO) fall 15% from last year.
“During 2008, L.N. Mittal received a base annual salary of $1,916,000, a performance-related cash bonus of $2,200,000 and 60,000 stock options,” the spokesperson said.
According to the official, Lakshmi Mittal is paid as CEO and “there is no additional payment for his position as chairman of the board”.
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First Published: Sun, May 24 2009. 05 39 PM IST