Four top executives at Marine Products Corp. volunteered to cut their salaries "in light of the difficult operating environment faced by the company," according to a document filed this week with the Securities and Exchange Commission.
The Compensation Committee of Marine Products' board of directors approved the salary reductions on March 26. The pay cuts became effective April 1.
The executives and their salary reductions are as follows: Richard A. Hubbell, president and CEO, from $350,000 to $175,000; Ben M. Palmer, vice president, chief financial officer and treasurer, from $175,000 to $100,000; R. Randall Rollins, chairman, from $300,000 to $150,000 and Linda H. Graham, vice president and secretary, from $115,000 to $70,000.
Marine Products Corp. builds Chaparral and Robalo boats.