Altech CEO to forego bonus, take pay freeze
JSE-listed Allied Technologies (Altech) group CEO Craig Venter would forego his 2012/3 bonus and continue a pay freeze as the embattled company worked to gain lost ground.
The group was weighed down by its former underperforming, loss-making East and West African operations, but aimed to turn itself around as it exited the two operations through disposals in the financial year ended February 28.
“While these decisions have resulted in some short-term financial pain for shareholders, the board is pleased to see that the CEO has demonstrated faith in the future of the business, aligning his interests with the long-term interests of stakeholders by taking a short-term financial set-back,” commented Altech chairperson Moss Leoka in a statement.
Venter also received a pay freeze in the past 12 months of the 2012 financial year.
Altech would also restructure compensation for the company’s management team, taking into consideration the need to maintain scarce intellectual capital and their work over the past year to maintain the company’s reputation.
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