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Business Briefing / Compensation

CEO of Gap will trim salary 15%

March 19, 2009|TIMES WIRE REPORTS

Gap Inc. says that its chairman and chief executive, Glenn Murphy, has volunteered to cut his annual salary 15% this year. The clothing chain is also eliminating merit-based salary increases for most employees at its headquarters in San Francisco.

The company said it was reducing the size of the board to 10 members from 13. It is cutting the compensation for the remaining board members for 2009 by trimming both the annual cash payment and stock compensation 15%.

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