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Trendlines co-CEOs take 20% pay cut as part of plan to cut cost
THE Trendlines Group's co-chief executives David Todd Dollinger and Stephen Louis Rhodes have agreed to take a 20 per cent pay cut as part of a plan aimed at reducing the company's operating expenses for the financial year ending December 2018 by some US$1.3 million.
In addition, the Catalist-listed Israeli incubator firm also said that it plans to reduce the salaries of other senior management by 10 per cent and certain other employees by lesser percentages.
This is part of the firm's plan to reduce costs, increase efficiency and enhance shareholder value which came about from a strategic review, said Trendlines in an announcement late on Monday.
The expected reduction in operating expenses does not take into account potential increases in expenses as a result of the group's expansion plans or possible consolidation of portfolio company or subsidiary expenses.
Implementation of the plan has commenced and is expected to be fully implemented during FY2018, it added.
Trendlines rose 0.3 Singapore cent or 1.7 per cent to finish at 17.5 Singapore cents on Monday.