Spartech cuts pay of top executives
Spartech Corp. will temporarily reduce the base salaries of top five executives as part of the company’s cost-cutting strategies, the Clayton-based plastics maker said today in a regulatory filing.
President and Chief Executive Myles Odaniell’s base salary of $545,000 has been reduced 10 percent. Salaries for the other four top executives are reduced 8 percent.
The executives themselves requested the salary reductions, and the board of directors approved the changes last week, according to the filing free credit score online.
Before this reduction, Michael Marcum, the senior vice president of color and specialty compounds and supply chain management, was the only one of the five executives to receive a salary boost from 2008.
atablac@post-dispatch.com | 314-340-8140
Filed under: management, term by TheDoor