China In-Focus: China Agritech To Cut Executive Pay
China Agritech, Inc. said it is implementing a salary program for its senior management team which will reduce the cash compensation of their base salary levels for the 2009 year as part of a new cost control plan.
In a statement, the company said it will consider a performance-based option plan, “to further incentivize the management team to focus on producing greater business and financial results.”
As a part of the cost control measures, China Agritech is also reducing the standard of senior management’s travel expenses, in particular of business class travel and lodging.
Beijing-based China Agritech is engaged in the development, manufacturing and distribution of liquid and granular organic compound fertilizers and related products in China.
The company sells its products to farmers located in 26 provinces of China.